Mitsubishi UFJ Financial Group Inc. and three other financial institutions will come under international surveillance as part of a global plan to prevent future financial crises.
Leaders of 19 of the world's richest countries and the European Union agreed at a summit in Washington last month to establish "supervisory colleges for all major cross-border financial institutions" by March 31.
Mitsubishi UFJ, Japan's largest bank, Nomura Holdings Inc., Mizuho Financial Group Inc. and Sumitomo Mitsui Financial Group Inc. will be monitored under the plan, according to an official at the Financial Services Agency who declined to be identified because he's not authorized to comment publicly.
The FSA will meet with representatives from other countries to exchange information on how best to monitor financial institutions, the regulator said. The supervisory college may also call on banks to submit reports individually if needed, according to the agency.
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