March 9, 1996 |
Mitsubishi Bank Gets OK to Buy Bank of Tokyo Units: The Federal Reserve's approval of Mitsubishi Bank's plan to purchase the U.S. subsidiaries of the Bank of Tokyo is an important step toward a merger that will create the world's largest bank. In the United States, the two banks operate subsidiary banks in California. The Fed said the merger would not mean an unfair competitive advantage for the combined company, which would be the third-largest bank in the state.
July 24, 1995 |
1st Foreign Bank Branch Opens in Beijing: China's capital was opened to foreign bank branches when Beijing Mayor Li Qiyan cut the ribbon for the Bank of Tokyo branch. The event came 40 years after China's Communist rulers threw out all overseas capitalists. Tasuku Takagaki, president of the Japanese bank, said the move was essential in a city that wields so much economic and political clout. Hong Kong & Shanghai Banking Corp.
May 9, 1995 |
Japan's top foreign exchange expert declared Monday that "a clear loss of confidence in the dollar" has occurred and warned that "a major crisis is certainly approaching." Bank of Tokyo Chairman Toyoo Gyoten, recently appointed foreign exchange trouble-shooter to the finance minister, sharply criticized what he called a lack of political leadership in both Japan and the United States and said he is afraid no action will be taken to forestall a collapse of the dollar's value.
April 1, 1995 |
The announcement this week that Japan would give birth to a banking Goliath was electrifying to the nation's debt-strapped banking community, but analysts believe its greater long-term effect may be to position Japan as the leading regional center for Asian trade.
March 29, 1995 |
Two elite Japanese financial institutions, Mitsubishi Bank Ltd. and Bank of Tokyo Ltd., announced Tuesday that they have agreed to merge into the world's largest bank--a behemoth more than three times the size of Citicorp, the largest U.S. competitor. The sheer size of the merged enterprise, which would own assets of more than $814 billion, underscores the vastness of Japan's banking network and promises to bring a powerful new competitor to the international banking scene.
September 17, 1992 |
Mitsubishi Bank and Bank of Tokyo on Wednesday denied financial market rumors that they are preparing to merge. Rumors have been that the banks were ready to combine forces to become the world's largest institution in terms of outstanding loan assets. If the banks merged, their assets would total more than $720 billion. Stock and bond traders said a fax-based news letter called U.S. Frontline News reported that the banks were in the final stages of negotiating a merger.