BANKING & FINANCE - July 25, 1991

Mitsui Taiyo Kobe Bank Ltd. Withdraws Application: Low-income housing advocates declared victory after the big Japanese bank, sharply criticized for its community lending record, scrapped plans to open a commercial bank in New York. Groups in Washington, D.C., and California had complained that a California bank owned by Mitsui Taiyo Kobe--the world’s third-largest bank--had a poor record of meeting the credit needs of small businesses and low-income and minority neighborhoods. The bank said it scrapped the plans because of the U.S. recession.