FX Week

UFJ merges Tuesday

NEWS

TOKYO -- Japanese banks Sanwa Bank, Tokai Bank and Toyo Trust & Banking merge operations to form UFJ Group on Tuesday (January 15). Sanwa Bank and Tokai Bank will then be known as UFJ Bank, while Toyo Trust and Banking, which has only a small FX presence, becomes UFJ Trust Bank.

The merger comes nine months after the banks first formed joint holding company, UFJ Holdings, on April 1 2001.

In December, the banks announced a 36% rise in joint gross operating profit for the first six months of