• Sun
  • Dec 28, 2014
  • Updated: 11:07pm

Ten years ago

PUBLISHED : Sunday, 29 August, 1999, 12:00am
UPDATED : Sunday, 29 August, 1999, 12:00am

TOKYO (August 30): MITSUI Bank and Taiyo Kobe Bank have agreed to merge next April to create the second largest bank in the world.


Analysts said the merger was the biggest in recent memory anywhere in the world.


'In terms of sheer scale, there's nothing like it,' said Simon Smithson, analyst at Kleinwort Benson Securities. 'It dwarfs anything that exists' in other countries.


The new bank will be second in total assets only to Dai-Ichi Kangyo Bank, ranked the largest in the world in terms of assets. Sumitomo Bank is currently the second largest bank in Japan.


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