Mitsubishi Tokyo gets approval for merger

TOKYO: Mitsubishi Tokyo Financial Group Inc. and UFJ Holdings Inc. shareholders approved an Oct 1 merger between the two Japanese lenders that will create the world’s biggest bank, with US$1.8tril of assets.  

Stockholders of Mitsubishi Tokyo, which sought the merger to expand its consumer banking business, voted in favour of the merger at the bank’s AGM, spokesman Susumu Niitsuma said. They are to receive one share in the combined bank for each of their shares. UFJ holders, which also voted for the merger, will receive 0.62 of a share for each share they own, valuing the Osaka-based lender at 2.97tril yen (US$27bil).