In a strategic move to strengthen their presence in the retail banking field, Tokai Bank and Asahi Bank, both among the nation's nine major city, or commercial, banks, reached a comprehensive tieup agreement Monday to consolidate their branch offices and jointly develop financial products.
The two are also considering forming a financial holding company in which to combine their operations, the presidents of the two banks said.
The deal, which includes a cross-shareholding arrangement, will complement both banks' retail operations, because Asahi's branch offices mainly cover the Tokyo metropolitan area while those of Nagoya-based Tokai maintain a strong foothold in central Japan.
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