Daiwa Bank turned in its state and federal banking licenses Friday, formally ending a 40-year presence in this country.

"This is a sad moment for Daiwa," bank president Takashi Kaiho said in a prepared statement. "We have spent four decades serving the needs of corporate and individual clients in the United States, and are sorry to be leaving what was an important market for our bank."

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.