Bank of Tokyo-Mitsubishi UFJ began to suspend some lending operations Monday as punishment imposed by financial regulators for its improper lending to a man convicted of embezzlement.
Under the administrative punishment imposed by the Financial Services Agency, the bank is prohibited from extending loans to new corporate clients for a weeklong period in stages from region to region, covering 372 branches, between Monday and June 10.
The bank is allowed to continue lending to existing corporate clients.
The punishment resulted from loans to Kunihiko Konishi, a former head of an Osaka-based foundation called Asukakai that has drawn public flak for its underworld ties