Tōkyō (Japan), 04.10.2005 - The 'Mitsubishi UFJ Financial Group (MUFG) is expected to total assets of 1.4 trillion euros, the largest bank in the world from UBS and Citigroup. It was established on 1 October 2005 by the merger of the "Mitsubishi Tokyo Financial Group" and the "UFJ Holdings.
The actual merger takes place, however until the year 2006th After problems with the coupling of computer systems in a bank merger in 2002, the Japanese regulatory authorities this is required. Only then, the new bank will be able to provide the greatest challenge, according to analysts, to save costs. 170 of its 900 branches will close the MUFG. Distressing is the fact that the State UFJ over one trillion yen (about 8 billion euros) debt, with their survival had been secured. The
now merged banks were used, but already their profit forecasts for the first half of 2005. Instead of a total of 280 billion yen now 565 billion yen (4.1 billion euros) are expected. Allegedly, the group wants to achieve by 2008 a net profit of 1.1 trillion yen (8.1 billion euros) and triple profits in the retail sector by 2009. Then they should also be of low market value so far forth belong to one of the world's five largest banks.
Analysts are not agreed whether it has come the end of bank mergers in Japan. In addition to the MUFG two major banks have remained: the "Sumitomo Mitsui Financial Group" and the "Mizuho", created in 2002 from the merger of three banks. + + Wikinews
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