The Tokyo High Court ruled Wednesday that struggling UFJ Holdings Inc. and the larger Mitsubishi Tokyo Financial Group Inc. can hold merger talks to create what would be the world's largest bank in terms of assets.
The decision marks an about-face from the Tokyo District Court's order July 27 banning UFJ from including its trust business in talks with Mitsubishi Tokyo as it had earlier agreed to sell UFJ Trust Bank to Sumitomo Trust & Banking Co.
Sumitomo Trust said it would immediately appeal to the Supreme Court.
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