FRC gives preliminary approval to UFJ launch

TOKYO, Japan - (From L to R) Kaneo Muromachi, president of Sanwa Bank, Hideyuki Aizawa, chairman of the Financial Reconstruction Commission (FRC), Hideo Ogasawara, president of Tokai Bank, and Shunroku Yokosuka, president of Toyo Trust & Banking Co., shake hands in Tokyo on Nov. 22 after the commission gave preliminary approval to a plan by the three banks to set up a joint holding company called ''UFJ Holdings Inc.'' in April 2001.

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