May 20, 1995 |
Bank of Tokyo Ltd. and Mitsubishi Bank Ltd. said Friday that they plan to merge their California banking units--creating the state's fourth-largest commercial bank--as part of their overall merger proposal announced in March. The giant Japanese banks said they plan to combine Union Bank, which is 72% owned by Bank of Tokyo, with Bank of California, which is wholly owned by Mitsubishi Bank.
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.
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.
October 17, 1994 |
Mitsubishi Bank to Acquire Nippon Trust Stake: Mitsubishi Bank will invest nearly $2 billion to acquire a controlling stake in financially troubled Nippon Trust Bank, the two banks announced. The takeover is the biggest banking industry rescue since the collapse of Japanese real estate and stock prices a few years ago, which left many banks holding huge sums in bad loans. The deal gives Nippon Trust a badly needed cash injection that will help it write off problem loans.
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.