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Change Your Life! |
3 large Japanese banks to merge |
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News |
June 16, 2000
TOKYO (AP) - Asahi Bank Ltd. said Thursday it will pull out of a planned three-way merger that would have formed Japan's second-largest banking group.
The announcement came three months after Asahi, Sanwa Bank Ltd. and Tokai Bank Ltd. announced their intention to join forces, saying they would set up a joint holding company in April 2001 and reorganize their retail, international and other operations.
Asahi added that it preferred to strengthen its main regional retailing business.
A three-way merger would have formed the world's third largest bank with combined assets of around 106.6 trillion yen (dlrs 1 trillion).
Analysts said Asahi's dropping out may not necessarily be detrimental to Sanwa and Tokai.
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