Daiwa Bank London Goes 24-Hours In Light Of Forced N.Y. Shut-Down
BANKS
As was generally expected, Sumitomo Bank acquired the U.S. assets of Daiwa Bank, which includes 15 commercial banking offices and its trust operations as a result of the U.S. Federal Reserve's orders that Daiwa terminate or sell its businesses in the U.S. by February 2.
However, Sumitomo did not take over the New York-based treasury operations, which have simply been closed down, and coverage is now handled from London, says an official at Daiwa in London.
As early as November, reports circulated
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