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Japan's second-biggest bank, Mitsubishi Tokyo Financial Group (MTFG) clinched a deal to take over Japan's fourth-ranked bank UFJ Holdings Inc to form the world’s biggest bank. The merged bank would have combined assets of 1.73 trillion US dollars. The deal would displace Citigroup of the United States as the world's biggest banking group.
Under the terms of the deal unveiled in a joint statement, MTFG, the country’s second-biggest bank, and fourth-ranked UFJ will form a holding company — Mitsubishi UFJ Holdings Inc. — to merge the two groups’ holding companies, commercial and trust banks, and brokerages from October 1, 2005. MTFG would be the surviving company, with shares in the new firm to be listed in New York, London, Tokyo, Osaka and Nagoya.
The two banks said their merger will enable them to realise well-balanced loan portfolios, as 53 percent of MTFG’s loans are extended to big firms and overseas, while 64 percent of UFJ loans are made to individuals and small businesses.
MTFG is prepared to inject up to Y700bn into UFJ to cover losses arising from its exposure to non-performing loans. It said the capital injection would be made in an initial tranche of Y500bn before September 30, followed, if needed, by an additional Y200bn.
But the country’s third-biggest bank, Sumitomo Mitsui Financial Group (SMFG), said it would continue with a rival bid for loss-making UFJ, whose market value is around $23 billion.
....Banks have advertised 1100 vacancies in July 2004
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