As the Japanese economy was rebuilt after the war, Fuji Bank expanded its business in syndicated lending, corporate banking, public money management, mortgages and retail financial services. However, the formation of Dai-Ichi Kangyo Bank (DKB) in 1971 dethroned Fuji from its top status in the Japanese banking industry. In an attempt to restore its preeminence, Fuji agreed to merge with Osaka-based Sanwa Bank in the late 1970s, but failed to win approval from the Ministry of Finance. Sumitomo Bank also rose as an intense competitor to Fuji in the 1980s, and both banks aggressively courted similar corporate banking clients, growing their loan portfolios dramatically with what would later become non-performing loans. Fuji Capital Markets Corp. was founded in New York in 1990 going on to become one of the lead players in the swaps market. FCMC went on to open an offices in London in 1992 and Hong Kong in 1994 which still exist as Mizuho Capital Markets Corp. FCMC was one of the first Japanese Banks to connect to the internet, registering the fcmc.com domain in 1993. However, following the collapse of the Japanese asset price bubble in the early 1990s, Fuji and other Japanese banks were increasingly troubled by bad loans and inadequate back-office systems. Fuji attempted to diversify its domestic services, establishing Fuji Securities and Fuji Trust & Banking Co. in 1994, but neither subsidiary was able to make substantial profits.