UFJ, MTFG agree to merger talks | 日本のニュースを英語で読むならジャパンタイムズウィークリー


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UFJ, MTFG agree to merger talks

Bank of Tokyo-Mitsubishi

UFJ Holdings Inc. and Mitsubishi Tokyo Financial Group Inc. -- two of Japan's four major banking groups -- said July 16 that they have agreed to start merger talks, aiming to integrate their operations during the first half of fiscal 2005.

They aim to sign a basic agreement by the end of this month on a plan to merge and measures to boost UFJ's capital.

UFJ Bank

The deal would create the world's largest banking group, with ¥190 trillion in assets.

Meanwhile on July 16, Sumitomo Trust & Banking Corp. filed an application with the Tokyo District Court to seek an injunction to halt the merger talks, saying the UFJ group's decision to cancel its plan to sell UFJ Trust Bank to Sumitomo is a breach of contract.

The UFJ group announced July 14 the cancellation of the planned sale.

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