BANKING

Sumitomo Doesn’t Want Daiwa’s N.Y., L.A. Offices: Sumitomo Bank Ltd. said it plans to acquire most of Daiwa Bank Ltd.’s 17 U.S. branches but won’t buy the scandal-ridden bank’s New York operations, where $1.1 billion in trading losses led to Daiwa’s expulsion from the United States. Sumitomo does not want to buy Daiwa’s New York branch or an office in Los Angeles because it already has a substantial banking presence in those cities, said Robert Rabino, joint general manager and general counsel of Sumitomo’s U.S. operations. The two Japanese banks are rushing to close the deal by Feb. 2, Daiwa’s deadline for leaving the U.S. as punishment for hiding bond trading losses from authorities.