Two Big Japanese Banks Deny Rumors of Merger
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TOKYO — 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.
Industry analysts say rumors about such a merger have been around for years.
If the banks merged, they would have to consolidate many overlapping operations in the state of California, where both have a major presence, analysts said.
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