Japanese Banks To Merge

Fri., Oct. 15, 1999

From Staff

Setting aside a rivalry that goes back centuries, two of Japan’s most powerful commercial lenders announced tentative plans to merge into what would become the world’s second-largest bank.

Executives from Osaka-based Sumitomo Bank Ltd. and Tokyo-based Sakura Bank Ltd. confirmed they plan to unite by 2002 in an effort to cut costs, broaden their business capabilities and pump more money into computers and online services.

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Japanese Banks To Merge

Jesse Tinsley

Jim Meehan

Molly Quinn

Rob Curley

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