Sanwa and Tokai merge overseas

PEOPLE NEWS

Tokyo – Overseas branches of Sanwa Bank and Tokai Bank in California, Canada and Australia are scheduled to merge this month, as the banks prepare for their three-way tie-up with Toyo Trust & Banking to form UFJ Group in January 2002.

Among many of the branch cutbacks are FX operations at Sanwa Bank in New York and London.

Closures
The bank’s New York FX dealing floor closed in March 2001, and just three dealers remain at the bank in London, including general manager for FX, Doug Ba