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.