Japan’s Minister for Financial Services has approved the merger of The Bank of Tokyo-Mitsubishi, Ltd. and UFJ Bank Limited.
The merger was approved under Article 30, Clause 1, of the Banking Law.
The new entity, Mitsubishi UFJ Financial Group, will employ over 100,000 people and will be the largest bank among Japanese institutions. With the approval of the merger, set to be official as of January 1, 2006, Mitsubishi UFJ Financial Group will seek to extend their reach in both foreign markets and new products as Japanese institutions diversify their portfolio holdings.
The capital of the combined group will be 996.9 billion.