TOKYO -- Industrial Bank of Japan Ltd. has postponed postponed a plan to set up a securities firm in New York, a bank official said.
IBJ, one of the country's 10 largest banks, withdrew its application to the Federal Reserve Board last month but has not completely given up on the idea of opening a U.S. securities subsidiary, the official said.
The bank is reviewing how to conduct securities business most efficiently, he said.
IBJ's domestic securities unit, to be set up later this year, or other subsidiaries may establish a securities firm in the United States.
IBJ applied for approval in March 1991 to establish a U.S. company to underwrite and sell stocks and corporate bonds and to other securities business.
The spokesman denied a report in the Nihon Keizai Shimbun newspaper that IBJ changed its plan because of tighter restrictions by the Federal Reserve.