Mitsubishi Bank
| Company type | Private |
|---|---|
| Industry | Banking, Financial services |
| Predecessor | 119th National Bank (taken over in 1885) |
| Founded | January 1, 1880 in Tokyo, Japan |
| Founder | Yataro Iwasaki |
| Defunct | 1996 |
| Fate | Merged with Bank of Tokyo to form Bank of Tokyo-Mitsubishi |
| Successor | Bank of Tokyo-Mitsubishi |
| Headquarters | Tokyo , Japan |
Area served | Japan, International (London, New York, Dalian) |
| Products | Banking, Financial services |
The Mitsubishi Bank was a prominent financial institution in Japan, with its headquarters located in Tokyo. Established in 1880, it ranked among the largest banks in Japan throughout much of the 20th century, alongside institutions such as Dai-Ichi Bank, Mitsui Bank, Sumitomo Bank, and Yasuda / Fuji Bank. It primarily functioned as the principal bank for the Mitsubishi corporate group. After the breakup of the Mitsubishi conglomerate in 1948, the bank adopted the name Chiyoda Bank, reflecting the Tokyo district where it was situated, before reverting back to the Mitsubishi brand in 1953.
In 1996, Mitsubishi Bank combined with the Bank of Tokyo to create Bank of Tokyo-Mitsubishi, which later evolved into Mitsubishi UFJ Financial Group.
Overview
The bank's foundation dates to 1880 when Yataro Iwasaki, founder of Mitsubishi, launched its initial banking operations in Tokyo. In 1885, Mitsubishi took over the business of the 119th National Bank, which operated in Tokyo, Oita, and Hakodate. This entity was then separated as an independent Mitsubishi Bank in 1919. The bank established international branches in London and New York by 1920. However, by 1929, Mitsubishi maintained only three overseas offices outside Japan and its territories—a smaller international presence compared to peers like Mitsui or Sumitomo Banks and significantly less than institutions such as Yokohama Specie Bank, which had a government-backed role supporting foreign trade.
During the Second World War, Mitsubishi Bank supported Japanese ventures in Manchuria through its branch in Dalian, opened in 1933. Its London and New York branches were closed during wartime hostilities but resumed operations in 1953.
In 1969, a proposed merger between Mitsubishi and Dai-Ichi Bank, Japan’s oldest banking institution, aimed to transform the keiretsu banking landscape. Nonetheless, resistance from Dai-Ichi’s leadership and concerns among its clientele about Mitsubishi’s potential dominance resulted in the plan being abandoned. Subsequently, Dai-Ichi merged with Nippon Kangyo Bank to establish Dai-Ichi Kangyo Bank.
Renowned for its cautious lending policies, Mitsubishi was one of the few Japanese banks that weathered the Japanese asset price bubble with relatively minor damage. In 1994, it expanded by acquiring Nippon Trust Bank. Two years later, it merged with The Bank of Tokyo, forming The Bank of Tokyo-Mitsubishi.
On the global stage, Mitsubishi extended its reach into California by initiating banking services there in 1972 through Mitsubishi Bank of California. It further expanded by acquiring Bank of California in 1984; this entity eventually merged with Union Bank—controlled by Bank of Tokyo—to create what is now known as MUFG Union Bank.
Notable alumni
- Zentaro Kosaka, politician and former Japanese foreign minister
- Makoto Usami, president of the Bank of Japan
See also
- Articles with short description
- Defunct banks of Japan
- Mitsubishi companies
- Mitsubishi UFJ Financial Group
- Financial services companies based in Tokyo
- Japanese companies established in 1919
- Banks established in 1919
- Banks disestablished in 1996
- Companies formerly listed on the Tokyo Stock Exchange
- Japanese companies disestablished in 1996
- 1996 mergers and acquisitions