In 1988, LTCB acquired Greenwich Capital Markets, a Connecticut-based securities firm, thus giving LTCB a US-based securities business. By the early 1990s, it was the largest handler of yen-denominated foreign debt (samurai bonds). As the Industrial Bank of Japan had a strong foothold on corporate banking, LTCB built up a large real estate finance business in the mid-1980s. The bank later became particularly infamous for its investments in overleveraged hotel acquisitions in New York, Saipan, Vietnam and Australia, among other locales, as the Japanese asset price bubble grew in the late 1980s. As of 1990, LTCB was the ninth-largest bank in the world by market capitalization and had become one of the most prestigious banks in Japan. It moved to a new office building on the south side of Tokyo's Hibiya Park in 1993. Collapse in 1990s Like many other Japanese banks, LTCB faced a bad loan crisis in the post-bubble 1990s as many of its investments soured. The Asian financial crisis of 1997, which bankrupted several major Japanese financial services companies (most notably Hokkaido Takushoku Bank), exacerbated the situation. Around this time, LTCB entered into discussions with Swiss Bank Corporation (now part of UBS AG) aimed at a cross-shareholding joint venture between the two banks. As SBC performed due diligence it discovered that LTCB had a dramatically high proportion of non-performing loans which continued to increase. The JV talks were cancelled in September 1997. LTCB calculated its NPL balance at 2.4 trillion yen as of 1993, but increased that number to 5 trillion yen by 1998. LTCB's stock price plunged by over 70% in the summer of 1998 as the details of its bad loan situation leaked to the public through a Japanese monthly magazine. Lawrence Summers, then U.S. deputy treasury secretary, visited Tokyo in June to pressure the Japanese government into resolving its bad loan crisis, fearing that an LTCB collapse would lead to a global financial panic. LTCB briefly sought to merge with Sumitomo Trust and Banking, one of the few stable Japanese banks at the time, but the latter discarded these plans after negative investor reaction. The Keizo Obuchi government, which had helped to broker the talks between the banks, then investigated the nationalization of LTCB, which became effective by an act of the Diet on October 23, 1998. LTCB was purchased for ¥1 billion (US$9.5 million) in March 2000 by an investment partnership, New LTCB