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.
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.
February 17, 1988 |
A subsidiary of the Bank of Tokyo agreed Tuesday to acquire Union Bank of California from its British owners in a transaction that will create the second-largest foreign-owned banking company in the United States. The proposed $750-million purchase of California's fifth-largest bank, which is headquartered in Los Angeles, represents the largest direct Japanese investment in the U.S. financial services industry and is part of a growing Japanese economic presence in the U.S.
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.
July 31, 1999 |
An Orange County investment group said Friday that it completed the purchase of defaulted and foreclosed Japanese loans with a face amount of $1.7 billion from Bank of Tokyo-Mitsubishi, the world's biggest bank. Pacific Capital Investors, the 9-month-old local group, is competing with large Wall Street firms and "vulture funds" also hoping to benefit by buying bad debts in Japan at a fraction of their face value, then striking deals with the borrowers to repay them at steep discounts.