Dai-Ichi Kangyo Bank
In 1990, the five largest banks in the world, measured by total assets, were Japanese banks. These banks opened branches abroad, acquired existing foreign banks, and became engaged in new activities, such as underwriting Euro-yen bond issues. The investment houses also increased overseas activities, especially participating in the United States Treasury bond market (where as much as 25 to 30% of each new issue was purchased by Japanese investors in the late 1980s). As of March 1989, the five largest city banks in Japan (in order of total fund volume) were Dai-Ichi Kangyo Bank, Sumitomo Bank, Fuji Bank, Mitsubishi Bank, and Sanwa Bank.