Sanwa, Tokai, Toyo banks to form UFJ Holdings

TOKYO, Japan - Sanwa Bank, Tokai Bank and Toyo Trust & Banking Co. have announced they will set up a joint holding company called ''UFJ Holdings Inc.'' in April 2001. Shaking hands at a news conference Oct. 4 are (from L to R) Tokai Bank President Hideo Ogasawara, Sanwa Bank President Kaneo Muromachi and Toyo Trust & Banking President Shunroku Yokosuka. UFJ, which stands for United Financial of Japan, will be based in Osaka, and the three banks will integrate their operations under the new holding company.

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