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Bank of Tokyo-Mitsubishi and Mitsubishi Trust near merger |
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News |
April 19, 2000
TOKYO, APR 18 (AP) - The Bank of Tokyo-Mitsubishi and Mitsubishi Trust and Banking Corp. are likely to agree this week to merge as early as spring 2001, Japan's top economic newspaper reported Tuesday.
The merger, reported in the Nihon Keizai daily, would create the world's fifth-largest financial group, with 87 trillion yen ($ 837 billion) in deposits and other assets.
Both banks refused to comment on the expected merger, which was also reported by national broadcaster NHK, saying only that talks were in progress and nothing had been decided.
According the newspaper report, the two banks would integrate their operations under a joint holding company. It would manage 45 trillion yen ($ 433 billion) in pension and other trusts.
$ 1.3 trillion in assets by merging Dai-Ichi Kangyo Bank, Fuji Bank, and the Industrial Bank of Japan.
Japan's Sanwa Bank, Tokai Bank and Asahi Bank also plan to merge, creating the country's second-largest bank with 106 trillion yen ($ 1 trillion) in assets.
BOT-Mitsubishi and Mitsubishi Trust will initially continue current operations under the joint holding company.
Eventually, they will merge overlapping operations and concentrate on their individual strengths, the Nikkei said.
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