Japan's Consolidating Banking System: How Eighteen Became Six

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Daiwa Bank December 2001 Daiwa Bank October 2002. Merged entities Holdings results from merger become Resona Holdings between of Daiwa Bank, Kinki (TSE 8308) including Red border Asahi Bank Resona Bank which does indicates current (1991 merger of Kyowa Osaka Bank and Nara Bank . trust business entity. Red line Bank and Saitama Bank) indicates forthcoming event Sanwa Bank

April 2001 ‘integrate’ businesses. Tokai Bank October 2005 form January 2002 form UFJ Group Mitsubishi UFJ Financial Toyo Trust & Banking Group (TSE 8306) including Mitsubishi UFJ Trust & Mitsubishi Bank Banking Corporation

April 1996 form Bank of Tokyo Bank of Tokyo-Mitsubishi All the five surviving mega -groups were ba iled out during April 2001 form this time by massive convertible loans .from government Mitsubishi Trust & Banking Mitsubishi Tokyo Financial During the same period: Group Long-Term Credit Bank of Japan was acquired from bank- Nippon Trust Bank ruptcy by Ripplewood Holdings of the US, renamed Shinsei

[meaning reborn] Bank , rehabilitated, and relisted on the Yasuda Trust & Banking Absorbed by Fuji in 1996 due Tokyo Stock Exchange (TSE) in November 2004.

to long -running NPL problems. The troubled Nippon Credit Bank was acquired and renamed September 2000 form Fuji Bank Aozora Bank by a consortium of Japanese financial Mizuho Holdings institutions led by Softbank Corp. It later sold its shares to In 2003 becomes Cerberus of the US which turned the bank around and listed it Dai -ichi Kangyo Bank Mizuho Financial Group ( TSE 8411) on the TSE in November 2006. including Mizuho Trus t & Banking (TSE 8404) Both Shinsei and Aozora ran into subsequent difficulties but Industrial Bank of Japan long-running merger talks were abandoned in May 2010. . Tokyo Sowa Bank went into administration in 1999 and was Sakura Bank bought by Lone Star of the US in 2001. Renamed Tokyo Star (1990 merger of Mitsui Bank April 2001 form and Taiyo Kobe Bank ) Sumitomo Mitsui Banking Group and listed on the TSE in 2005, it was acquired by Advantage in December 2002 becomes Partners In 2008 using loans from a syndicate including Lone Sumitomo Mitsui Financial Group Star and Shinsei . In 2011 Advantage was unable to repay the Sumitomo Bank (TSE 8316) loans and handed ownership to the lending syndicate.

Failed in November 1997. In April 2011 beca me part Hokkaido Takushoku Bank February 1998 mainland Japan of newly listed Sumitomo Mitsui Trust business absorbed by Chuo. February 2002 becomes June 2001 acquires Mitsui Trust Holdings (TSE 8309) Holdings (TSE 8309). Chuo Trust & Banking Sakura Trust & Banking The pair’s operations including will be combined over April 2000 form from Sumitomo Mitsui Chuo Mitsui Trust & Banking and Banking Corp following 12 months. Mitsui Trust & Banking Chuo Mitsui Trust & Banking Chuo Mitsui Asset Trust & Banking Note that this holding

company is separate Sumitomo Trust & Banking (TSE 8403) from Sumitomo Mitsui