TOKYO (AP) - In a potentially hostile tug-of-war among Japan's banking titans, Sumitomo Mitsui Financial Group says it will offer to merge with UFJ Holdings Inc., the latest in its efforts to block a similar bid from a rival Japanese bank.
Weighed down by bad loans, Osaka-based UFJ is already in discussions to tie up with Mitsubishi Tokyo Financial Group Inc., which would create the world's largest bank.But a Tokyo court dealt those negotiations a setback this week when it granted a request from a Sumitomo Mitsui affiliate to halt talks about the trust banking part of the deal.