Mitsubishi UFJ Financial Group
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Categories: Companies listed on the Tokyo Stock Exchange | Companies listed on the New York Stock Exchange | Banks of Japan | Mitsubishi companies | Companies formerly listed on the London Stock Exchange
Mitsubishi UFJ Financial Group, Incorporated (株式会社三菱UFJフィナンシャル・グループ Kabushiki-gaisha Mitsubishi UFJ Finansharu Gurūpu?) (TYO: 8306 NYSE: MTU ), or MUFG, is one of the world's largest banks after Japan Post Bank with assets of around US$1.2 trillion headquartered in Tokyo, Japan that is part of the Mitsubishi Group (Mitsubishi keiretsu) [1] The company was formed on October 1, 2005 with the merger of Tokyo-based Mitsubishi Tokyo Financial Group (MTFG), formerly Japan's second-largest banking conglomerate, and Osaka-based UFJ Holdings, which was Japan's fourth-largest banking group. The company's headquarters are located in Chiyoda ward, Tokyo. The core banking units of the group, Bank of Tokyo-Mitsubishi and UFJ Bank, were merged on January 1, 2006 to form The Bank of Tokyo-Mitsubishi UFJ, Ltd. This integration was originally scheduled to take place on October 1 2005, the same day that the parent companies were merged. However, pressure from Japan's Financial Services Agency, which wanted to ensure the smooth systems integration of the two banking giants, caused the merger of the banks to be postponed for three months. The trust banking and securities units of MTFG and UFJ were merged according to the original schedule on October 1 2005. Mitsubishi UFJ Financial Group, Inc. had been delisted in London Stock Exchanges.
HistoryThe financial group dates back to 1880 as the Yokohama Specie Bank later renamed to The Bank Of Tokyo, Ltd. Also in 1880, The Mitsubishi Bank, Ltd. was founded by former samurai Yataro Iwasaki. In 1919, the Mitsubishi Bank financed the Mitsubishi zaibatsu, most of which is today Mitsubishi Heavy Industries. In April 1996, The Mitsubishi Bank, Ltd. and The Bank of Tokyo, Ltd. merged. In July 2004, Japan's fourth-largest financial group UFJ Holdings offered to merge with MTFG. The merger of the two bank holding companies was completed on October 1, 2005. UFJ was created from a merger with the Toyo Trust and Banking, a part of the Toyota Motor Corporation. Toyota's chairman sat on the board of the UFJ which became one of the world's largest money losing corporations. UFJ was accused by the government of corruption and making bad loans to the yakuza crime syndicates. The UFJ is one of the largest shareholders of Toyota. The trust banking and securities units of the two groups were merged on the same day. The core banking units of MTFG and UFJ, The Bank of Tokyo-Mitsubishi, Ltd. and UFJ Bank, respectively, continued to operate separately until January 1, 2006, when they were merged to form The Bank of Tokyo-Mitsubishi UFJ, Ltd.. Mitsubishi Tokyo Financial Group, Inc.Image:MTFG1088.jpg
MTFG Plaza is an office building of the Mitsubishi Tokyo Financial Group.
Mitsubishi Tokyo Financial Group, Inc. (株式会社三菱東京フィナンシャル・グループ Kabushiki-gaisha Mitsubishi Tōkyō Finansharu Gurūpu?), or MTFG, was one of Japan's largest banks ranked by assets (an estimated US$1 trillion), second only to Mizuho Holdings. On October 1, 2005, MTFG completed the acquisition of UFJ Holdings, Japan's fourth largest banking group, to form the Mitsubishi UFJ Financial Group (MUFG), the world's largest bank ranked by assets with ¥190 trillion (approximately $1.7 trillion). MTFG was widely considered financially the strongest of Japan's large banks, with non-performing loans down to 2.9% of assets. UFJ Holdings, Inc.UFJ Holdings, Inc. (株式会社UFJホールディングス Kabushiki-gaisha UFJ Hōrudingusu?), or UFJ, was the weakest among the four major banking groups in Japan. "UFJ" is an abbreviation of "United Financial of Japan", was formed from a merger with the Toyo Trust, a part of the Toyota Motor Corporation. At the time, it was one of the largest shareholders of Toyota. The Chairman of Toyota was a director on its board during the financial scandals and indictments of three UFJ executives. The banking crisis led to its merger, after being one of the world's greatest losing corporations, on October 1 2005, with the Mitsubishi Tokyo Financial Group to form the Mitsubishi UFJ Financial Group. Formed April 1 2001, with the merger of Sanwa Bank, Tokai Bank, and Toyo Trust and Banking. In July 2004, UFJ announced plans to merge with the Mitsubishi Tokyo Financial Group. The merger was completed on October 1, 2005, creating the Mitsubishi UFJ Financial Group, the world's second biggest bank by assets at $1.7 trillion, trailing behind Citigroup with $2.4 trillion in assets. Group Companies
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