Jun 15, 2016

SMBC to launch rice farming business in a first for Japanese bank

Sumitomo Mitsui Banking Corp. will this fall launch a company to farm rice, officials said Wednesday. It will be Japan’s first major bank to enter the agricultural sector. The banking unit of Sumitomo Mitsui Financial Group Inc. aims to improve agricultural productivity and expand ...

Japanese banks raise guard after ¥1.8 billion taken from ATMs

Jun 8, 2016

Japanese banks raise guard after ¥1.8 billion taken from ATMs

Japanese banks that lost some ¥1.8 billion ($16.5 million) when fake overseas cards were used at convenience store ATMs are scrambling to combat such fraud. Seven Bank, which operates ATMs in the 7-Eleven convenience store chain, halved its withdrawal limit to ¥50,000 from ¥100,000 ...

Citigroup touts global network to investors

Jun 6, 2016

Citigroup touts global network to investors

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Despite its withdrawal from Japanese retail banking more than a year ago, Citigroup sees good prospects for companies seeking business opportunities abroad and investors interested in global markets, the head of its Japan operations said. “All of the trends that you see in corporate ...

Cyberthieves exploit banks' faith in SWIFT transfer network

May 22, 2016

Cyberthieves exploit banks' faith in SWIFT transfer network

On Jan. 12, 2015, a message from a secure computer terminal at Banco del Austro (BDA) in Ecuador instructed San Francisco-based Wells Fargo to transfer money to bank accounts in Hong Kong. Wells Fargo complied. Over 10 days, Wells approved at least 12 transfers ...

May 17, 2016

Mitsubishi UFJ projects 11% lower profit amid negative rates

Mitsubishi UFJ Financial Group Inc. sees full-year profits falling 11 percent as negative interest rates squeeze loan profitability and the costs of bad loans increase. The country’s largest bank is targeting net income of ¥850 billion in the year ending March 2017, it said ...