TOKYO: UFJ Holdings, Japan's fourth biggest bank, said yesterday it was seeking a takeover by bigger rival Mitsubishi Tokyo Financial Group in a rescue that would create the world's biggest banking group.
A successful takeover would mark a milestone for Japan's financial sector reform and economic recovery as UFJ, with a market value of 2.4tril yen (US$22.2bil), had been badly lagging its major competitors in reducing bad loans and returning to profitability.
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