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news:
Japan banks mull merger to create world's biggest bank
TOKYO - UFJ Holdings Inc, one of Japan's Big Four banking groups, decided on Wednesday to ask Mitsubishi Tokyo Financial Group Inc to start merger talks - a move that could create the world's biggest bank.
With combined total assets of around 188 trillion yen (US$1.74 trillion), UFJ and Mitsubishi Tokyo, another Big Four member, would create the world's largest bank by assets, surpassing US-based Citigroup Inc and Mizuho.
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UFJ made the decision at a morning board meeting to request the merger, a UFJ official said on customary condition of anonymity.
UFJ was to submit its merger request to Mitsubishi Tokyo later Wednesday, it said in a statement.
The Nihon Keizai Shimbun, Japan's largest financial newspaper, reported UFJ had decided it would be difficult for it to dispose of its bad loans and regain profitability on its own. Mitsubishi Tokyo was leaning towards agreeing to the merger, viewing it as providing the critical advantage of size to its business, the newspaper said.
UFJ refused comment on the report.
Merger to benefit banking industry
Analysts welcomed the merger as positive for the overall banking industry as well as for the stock market by wiping out continuing fears about the fate of UFJ.
Over a decade-long slowdown, Japanese banks became saddled with huge bad debts, and the government has been stepping up pressure for them to get rid of dud loans. Bad debts are viewed by Prime Minister Junichiro Koizumi's administration as a major obstacle to recovery for the world's second largest economy.
Potential problems
But the merger still faces potential obstacles, including troubled borrowers still on UFJ's books such as major retailer Daiei, as well as a clash of corporate cultures that is likely to come with a merger of that scale.
Mitsubishi Tokyo is Japan's second-largest bank and one of its healthiest. UFJ is Japan's fourth-largest bank, but reported a massive loss for last fiscal year and was reprimanded by the Financial Services Agency last month for being evasive during inspections by regulators.
According to the UFJ official, the bank will also scrap the planned sale of its trust-banking operations to Sumitomo Trust with the merger.
Sumitomo Trust, meanwhile, refused to nullify its deal with UFJ. It said it is considering legal action with the view the agreement reached last month remains legally binding.
Japan banks mull merger to create world's biggest bank
TOKYO - UFJ Holdings Inc, one of Japan's Big Four banking groups, decided on Wednesday to ask Mitsubishi Tokyo Financial Group Inc to start merger talks - a move that could create the world's biggest bank.
With combined total assets of around 188 trillion yen (US$1.74 trillion), UFJ and Mitsubishi Tokyo, another Big Four member, would create the world's largest bank by assets, surpassing US-based Citigroup Inc and Mizuho.
Advertisement
UFJ made the decision at a morning board meeting to request the merger, a UFJ official said on customary condition of anonymity.
UFJ was to submit its merger request to Mitsubishi Tokyo later Wednesday, it said in a statement.
The Nihon Keizai Shimbun, Japan's largest financial newspaper, reported UFJ had decided it would be difficult for it to dispose of its bad loans and regain profitability on its own. Mitsubishi Tokyo was leaning towards agreeing to the merger, viewing it as providing the critical advantage of size to its business, the newspaper said.
UFJ refused comment on the report.
Merger to benefit banking industry
Analysts welcomed the merger as positive for the overall banking industry as well as for the stock market by wiping out continuing fears about the fate of UFJ.
Over a decade-long slowdown, Japanese banks became saddled with huge bad debts, and the government has been stepping up pressure for them to get rid of dud loans. Bad debts are viewed by Prime Minister Junichiro Koizumi's administration as a major obstacle to recovery for the world's second largest economy.
Potential problems
But the merger still faces potential obstacles, including troubled borrowers still on UFJ's books such as major retailer Daiei, as well as a clash of corporate cultures that is likely to come with a merger of that scale.
Mitsubishi Tokyo is Japan's second-largest bank and one of its healthiest. UFJ is Japan's fourth-largest bank, but reported a massive loss for last fiscal year and was reprimanded by the Financial Services Agency last month for being evasive during inspections by regulators.
According to the UFJ official, the bank will also scrap the planned sale of its trust-banking operations to Sumitomo Trust with the merger.
Sumitomo Trust, meanwhile, refused to nullify its deal with UFJ. It said it is considering legal action with the view the agreement reached last month remains legally binding.
Silent Thunder wrote:
> Heh, I've still got him on my ignore list, 'tis wonderful. :-)
?
> Heh, I've still got him on my ignore list, 'tis wonderful. :-)
?
But aint HSBC the world Local bank anyway?
it's the biggest news since 9/11. It'll be replacing hsbc and soon will setup in the uk.
Unless some idiot spammer comes along, I'm not going to use ignore yet.
EDIT: Yes I do realise that zwv or whatever is an uber-spammer, but meh...
EDIT: Yes I do realise that zwv or whatever is an uber-spammer, but meh...
I can still see his threads, but not his first posts or his replies.
How can you see his thread then?
ßulle†† wrote:
> Now where's that ignore button?
Heh, I've still got him on my ignore list, 'tis wonderful. :-)
> Now where's that ignore button?
Heh, I've still got him on my ignore list, 'tis wonderful. :-)
?!
Now where's that ignore button?
news:
Japan banks mull merger to create world's biggest bank
TOKYO - UFJ Holdings Inc, one of Japan's Big Four banking groups, decided on Wednesday to ask Mitsubishi Tokyo Financial Group Inc to start merger talks - a move that could create the world's biggest bank.
With combined total assets of around 188 trillion yen (US$1.74 trillion), UFJ and Mitsubishi Tokyo, another Big Four member, would create the world's largest bank by assets, surpassing US-based Citigroup Inc and Mizuho.
Advertisement
UFJ made the decision at a morning board meeting to request the merger, a UFJ official said on customary condition of anonymity.
UFJ was to submit its merger request to Mitsubishi Tokyo later Wednesday, it said in a statement.
The Nihon Keizai Shimbun, Japan's largest financial newspaper, reported UFJ had decided it would be difficult for it to dispose of its bad loans and regain profitability on its own. Mitsubishi Tokyo was leaning towards agreeing to the merger, viewing it as providing the critical advantage of size to its business, the newspaper said.
UFJ refused comment on the report.
Merger to benefit banking industry
Analysts welcomed the merger as positive for the overall banking industry as well as for the stock market by wiping out continuing fears about the fate of UFJ.
Over a decade-long slowdown, Japanese banks became saddled with huge bad debts, and the government has been stepping up pressure for them to get rid of dud loans. Bad debts are viewed by Prime Minister Junichiro Koizumi's administration as a major obstacle to recovery for the world's second largest economy.
Potential problems
But the merger still faces potential obstacles, including troubled borrowers still on UFJ's books such as major retailer Daiei, as well as a clash of corporate cultures that is likely to come with a merger of that scale.
Mitsubishi Tokyo is Japan's second-largest bank and one of its healthiest. UFJ is Japan's fourth-largest bank, but reported a massive loss for last fiscal year and was reprimanded by the Financial Services Agency last month for being evasive during inspections by regulators.
According to the UFJ official, the bank will also scrap the planned sale of its trust-banking operations to Sumitomo Trust with the merger.
Sumitomo Trust, meanwhile, refused to nullify its deal with UFJ. It said it is considering legal action with the view the agreement reached last month remains legally binding.
Japan banks mull merger to create world's biggest bank
TOKYO - UFJ Holdings Inc, one of Japan's Big Four banking groups, decided on Wednesday to ask Mitsubishi Tokyo Financial Group Inc to start merger talks - a move that could create the world's biggest bank.
With combined total assets of around 188 trillion yen (US$1.74 trillion), UFJ and Mitsubishi Tokyo, another Big Four member, would create the world's largest bank by assets, surpassing US-based Citigroup Inc and Mizuho.
Advertisement
UFJ made the decision at a morning board meeting to request the merger, a UFJ official said on customary condition of anonymity.
UFJ was to submit its merger request to Mitsubishi Tokyo later Wednesday, it said in a statement.
The Nihon Keizai Shimbun, Japan's largest financial newspaper, reported UFJ had decided it would be difficult for it to dispose of its bad loans and regain profitability on its own. Mitsubishi Tokyo was leaning towards agreeing to the merger, viewing it as providing the critical advantage of size to its business, the newspaper said.
UFJ refused comment on the report.
Merger to benefit banking industry
Analysts welcomed the merger as positive for the overall banking industry as well as for the stock market by wiping out continuing fears about the fate of UFJ.
Over a decade-long slowdown, Japanese banks became saddled with huge bad debts, and the government has been stepping up pressure for them to get rid of dud loans. Bad debts are viewed by Prime Minister Junichiro Koizumi's administration as a major obstacle to recovery for the world's second largest economy.
Potential problems
But the merger still faces potential obstacles, including troubled borrowers still on UFJ's books such as major retailer Daiei, as well as a clash of corporate cultures that is likely to come with a merger of that scale.
Mitsubishi Tokyo is Japan's second-largest bank and one of its healthiest. UFJ is Japan's fourth-largest bank, but reported a massive loss for last fiscal year and was reprimanded by the Financial Services Agency last month for being evasive during inspections by regulators.
According to the UFJ official, the bank will also scrap the planned sale of its trust-banking operations to Sumitomo Trust with the merger.
Sumitomo Trust, meanwhile, refused to nullify its deal with UFJ. It said it is considering legal action with the view the agreement reached last month remains legally binding.