Formed when Sumitomo Bank acquired Sakura Bank for 1.4 trillion yen and opened in April 2001 as the world's third-largest lender. It was created at a time when many Japanese banks were undergoing radical changes as a result of a 10-year slump in the economy and a seeming inability to resolve huge bad debts. The bank combines Sumitomo's corporate banking expertise with Sakura's focus on individual customers and at its commencement employed some 28,500 staff and had 206 subsidiaries. Produces tires, golf and tennis balls as well as other rubber products. Incorporated in 1917.
Tyres make up about two thirds of sales, sports goods one quarter.
Employs almost 4,700 people. Headquarters are in Kobe and Tokyo. One of Japan's leading financial institutions, incorporated in 1925 as a trust company for the Sumitomo group. Long-term loans to key industries helped sustain Japan's postwar recovery. Headquarters are in Osaka.