WORLD BUSINESS BRIEFING: ASIA; TOYO JOINS THREE-WAY BANK DEAL (original) (raw)

WORLD BUSINESS BRIEFING: ASIA

July 6, 2000

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July 6, 2000

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In a deal that will create Japan's fourth-biggest bank, the Toyo Trust and Banking Company will join the planned alliance of Sanwa Bank and Tokai Bank. The banks plan to combine under a holding company in April 2001, creating a bank with $778 billion in assets. By April 2002, the three will unite their brokerage services and other operations. Toyo's trust banking business will be kept separate under the holding company umbrella, however. Toyo will replace Asahi Bank, which was originally part of the proposed three-way alliance but dropped out last month. Under the new deal, the head of Toyo Trust, Shunroku Yokosuka, will become vice chairman of the combined company.

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