PIPS

PIPS

Asahi/Tokai Strike Deal

The shakeup in the Japanese banking sector accelerated last week with the announcement that Asahi Bank and Tokai Bank are to merge operations, creating the nation's third largest banking group with combined assets of 59 trillion yen ($548 billion). Both Asahi and Tokai have active foreign exchange trading operations, but no details are yet available on how the banks may combine them. Initial estimates are that the deal will involve some 4,000 job losses across all divi