Mitsubishi Tokyo Financial Group
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Mitsubishi Tokyo Financial Group Inc. 三菱東京フィナンシャル・グループ;; MTFG) was one of Japan's largest banks ranked by assets (an estimated $1 trillion), second only to Mizuho Holdings. On October 1, 2005, MTFG completed the acquisition of UFJ Holdings, Japan's fourth largest banking group, to form the Mitsubishi UFJ Financial Group (MUFG), the world's largest bank ranked by assets with ¥190 trillion (approximately $1.7 trillion).
The MTFG financial group (prior to the acqusition of UFJ Holdings) consisted of:
- The Bank of Tokyo-Mitsubishi, Ltd., formed in 1996 through the merger of the Bank of Tokyo with Mitsubishi Bank
- The Mitsubishi Trust and Banking Corporation
- Mitsubishi Securities Co., Ltd.
- UnionBanCal Corporation, holding company of Union Bank of California
MTFG was widely considered financially the strongest of Japan's large banks, with non-performing loans down to 2.9% of assets.
History
The financial group dates back to 1919, when the Mitsubishi Bank was founded to finance the Mitsubishi zaibatsu, most of which is today Mitsubishi Heavy Industries.
In July 2004, Japan's fourth-largest financial group UFJ Holdings offered to merge with MTFG. The merger of the two bank holding companies was completed on October 1, 2005. The trust banking and securities units of the two groups were merged on the same day. The core banking units of MTFG and UFJ, The Bank of Tokyo-Mitsubishi, Ltd. and UFJ Bank, respectively, will continue to operate seperately until January 1, 2006, when they will be merged to form The Bank of Tokyo-Mitsubishi UFJ, Ltd..
External link
- Company website (in Japanese)
- Company website (in English)