Japan-US Business Report Logo

No. 354, March 1999

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Japanese Companies in the US


FINANCIAL SERVICES

BANK OF TOKYO-MITSUBISHI, LTD. might be Japan's biggest and healthiest commercial bank, but it, too, could not resist the chance to capitalize on strong American asset prices to generate an estimated $750 million. It did this by selling shares in UNIONBANCAL CORP., the parent of UNION BANK OF CALIFORNIA, the state's fifth-largest bank. The sale reduced BTM's stake in the San Francisco-headquartered company to roughly 66.4 percent from 81.5 percent.

TOYO TRUST & BANKING CO., LTD. is negotiating with CHASE MANHATTAN CORP. to take over its limited securities custodial operations in New York and Hong Kong. If finalized, the deal would mark the trust bank's complete withdrawal from overseas business. The two banks also reportedly are talking about Toyo Trust performing some back-office functions for the mutual funds that Chase offers in Japan.

An exchange rate of ¥117=$1.00 was used in this report.aaaaaa

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