latest-news-headlines Market Intelligence /marketintelligence/en/news-insights/latest-news-headlines/suruga-bank-severs-ties-with-founding-family-with-recovery-of-outstanding-loans-57115158 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

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

StreetTalk – Episode 70: Banks' Liquidity Conundrum Could Fuel M&A Activity

Street Talk Episode 70 - Banks' Liquidity Conundrum Could Fuel M&A Activity

StreetTalk – Episode 69: Banks left with pockets full of cash and few places to go

Street Talk – Episode 69: Banks left with pockets full of cash and few places to go


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.