Ailing UFJ Holdings Inc. on Wednesday asked rival Mitsubishi Tokyo Financial Group Inc. to merge with it in a deal that would create the world's biggest banking group, with 190 trillion yen in assets.
The request is seen as a desperate bid by UFJ to survive, as the nation's fourth-largest banking group struggles with massive bad loans.
The proposed merger would leave Japan with three major banking groups, including Mizuho Financial Group and Sumitomo Mitsui Financial Group.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.