Daiwa Bank Agrees To Sell Us Operations

As RMO went to press, Daiwa Bank announced plans to withdraw from all its U.S. banking activities. The bank will also restructure and slim down the remainder of its international operations.

Daiwa Bank has entered into "consent orders" with several U.S. banking authorities that require it to sell or dispose of its branches by February 2 next year.

The agreement follows heavy regulatory penalties imposed on Daiwa Bank after its loss of $1.1 billion due to fraudulent U.S. bond trading (RMO

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