In Brief: Sanwa Scaling Back Its U.S. Operations

Japan's Sanwa Bank Ltd. will relinquish its U.S. primary dealership and wind down its U.S. investment banking unit, Sanwa Securities (USA) Co.

Sanwa said in a statement that the move follows a decision to withdraw from less profitable U.S. Treasury activities and focus on more profitable derivatives-related operations.

The bank plans to build up its derivative businesses through Sanwa Financial Product Co. and will continue to handle futures-related activities through Sanwa Futures LLC.

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