Japan's new big banks open doors under dark cloud: No time for festivities: New groups need solution for bad debts National Edition

Sumitomo Mitsui becomes the world's second-biggest bank with yen 107-trillion (US$848.5-billion) in assets, next only to Mizuho Financial Group, which was created in September through a three-way consolidation of Japanese banks. BTM, which formed MTFG with Mitsubishi Trust & Banking Corp. a...

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Bibliographic Details
Published inNational post (Toronto)
Main Author Shimogori, Miki
Format Newspaper Article
LanguageEnglish
Published Don Mills, Ont Postmedia Network Inc 03.04.2001
Subjects
Banking industry
Banks
Loans
Net losses
Nonperforming loans
TOKYO
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Summary:Sumitomo Mitsui becomes the world's second-biggest bank with yen 107-trillion (US$848.5-billion) in assets, next only to Mizuho Financial Group, which was created in September through a three-way consolidation of Japanese banks. BTM, which formed MTFG with Mitsubishi Trust & Banking Corp. and Nippon Trust Bank, will be the third of the Big Four banks to announce plans for a loss. Only Mizuho has yet to declare its intentions. Mr. [Yoshifumi Nishikawa] pledged to rid Sumitomo Mitsui's books of its bad loans as soon as possible. As of the end of September, the bank held yen 3.55-trillion in non-performing loans, second only to Mizuho's yen 4.14-trillion.
ISSN:1486-8008