Three months after signing a basic agreement to integrate its management with Sanwa Bank and Tokai Bank, Asahi Bank reversed its stance Thursday and said it will pull out of the three-way consolidation plan.
Sanwa and Tokai announced the same day that they will go ahead with their scheme to form a joint holding company in April 2001, adding that they are considering the two-way merger in April 2002.
Asahi's decision to pull out of the integration plan was approved at an extraordinary board meeting Thursday morning, Asahi Bank officials said.
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