Sumitomo, Sakura to move up merger by one year

Sumitomo, Sakura to move up merger by one year

TOKYO, Japan - Akishige Okada (L), president of Sakura Bank, and Yoshifumi Nishikawa, president of Sumitomo Bank, shake hands at a news conference April 21 after announcing an agreement to move up the date of their banks' planned merger by one year to April 1 next year. The move is aimed to stay competitive amid a rush of consolidation and reorganization in Japan's banking industry.

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