Sumitomo Bank Ltd. said it will merge the Chicago branch of Daiwa Bank Ltd. with its own office there after it completes a $3.3 billion deal to purchase Daiwa's U.S. commercial loan portfolio and offices.

Sumitomo also said it plans to retain 210 of Daiwa's 300 employees in the United States. The bank added that it will convert Daiwa's 14 other offices around the United States to offices of its own.

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.