Sumitomo/Sakura Merger Stirs Up Japanese Market


TOKYO--The rush towards consolidation in the Japanese financial sector continued last week, with the announcement of a tie-up between Sakura Bank and Sumitomo Bank, which will create the world's second largest bank in asset terms, worth almost 99 trillion yen ($930 billion).

Industry officials say the move could create a strong new player in the global FX market, once the two banks have completed the restructuring process in March 2002.

The deal, which was made public on Thursday, is in its

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