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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