World's Biggest Bank-Mitsubishi UFJ Financial Group
The Mitsubishi UFJ Financial Group Inc on 24th Sept 2005, has become the world's biggest bank, in assets through the merger of Japan's second and fourth-largest financial institutions Mitsubishi Tokyo Financial Group Inc and UFJ Holdings Inc.
The new Tokyo-based Mitsubishi UFJ has total assets of around ¥190 trillion (US$1.68 trillion), topping Citigroup's US$1.55 trillion, based on most recent company figures.
The creation of Mitsubishi UFJ Financial Group Inc. (MUFG) reduces Japan's Big Four banks to three with the other two being Mizuho Financial Group Inc. and Sumitomo Mitsui Financial Group Inc.
But the merger of the core banking units of the two groups, the Bank of Tokyo-Mitsubishi and UFJ Bank-has been postponed by three months to January 1, 2007. The firms combined holding companies, but their commercial banking operations will merge on Jan. 1 to allow more time to fully integrate their computer systems.
"MUFG aims to be a premier, comprehensive, global financial group that is competitive worldwide," MUFG chairman Ryosuke Tamakoshi and president Nobuo Kuroyanagi said in a statement.
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