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Suruga Bank severs ties with founding family with recovery of outstanding loans

Suruga Bank Ltd. severed its ties with its founding family after recovering its remaining loans to the family and affiliated business, The Nikkei reported Feb. 14.

Suruga Bank recalled ¥43 billion worth of loans to the Okano family, which ran the regional bank since its establishment in 1895. In late 2019, the family sold its entire 13.5% stake in the bank to electronics chain Nojima Corp. in a ¥14.08 billion deal. The Okano family was seen as a factor contributing to scandals that hit the bank in 2018, prompting its retreat from active management.

In October 2018, Japan's Financial Services Agency

" data-original-title="">banned the bank from extending new property loans for six months after revelations that it extended inappropriate loans to borrowers based on forged documents. Then-Chairman Mitsuyoshi Okano, a member of the founding family, and other executives stepped down after the scandal came to light.

As of Feb. 13, US$1 was equivalent to ¥109.84.