The Bank of Tokyo-Mitsubishi and Mitsubishi Trust & Banking Corp. on Wednesday announced the terms for the April consolidation of their units under a single holding company, a move that will form the nation's fourth-largest banking group.
The two will enter the alliance along with Bank of Tokyo-Mitsubishi subsidiary Nippon Trust Bank. Under the agreement, 1,000 Bank of Tokyo-Mitsubishi shares will purchase one share of the new holding company, while the same number of Mitsubishi Trust shares and Nippon Trust shares will be respectively worth 0.70 shares and 0.14 shares of the new unit.
The conglomerate, to be named Mitsubishi Tokyo Financial Group, Inc., will be capitalized at almost 1.15 trillion yen and will have combined assets of 76.7 trillion yen.
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