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(2)New banks, nonlife insurers kick off operations

TOKYO, Japan - Shigemitsu Miki (L), president of Mitsubishi Tokyo Financial Group Inc., and its chairman Akio Utsumi, cut a ribbon at a ceremony in Tokyo on April 2 to mark the launch of the company, a merged body of the Bank of Tokyo-Mitsubishi, Mitsubishi Trust & Banking Co. and Nippon Trust Bank. Mitsubishi-Tokyo is one of three megabank groups which began operations the same day.

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(1)New banks, nonlife insurers kick off operations

TOKYO, Japan - Hideo Ogasawara, president of UFJ Holding Inc., a holding firm of Sanwa Bank, Tokai Bank and Toyo Trust & Banking Co., speaks at the company's opening ceremony in Tokyo on April 2. Three new megabank groups -- Sumitomo Mitsui Banking Corp., formed by the merger of Sumitomo Bank and Sakura Bank, Mitsubishi Tokyo Financial Group Inc., a merged body of the Bank of Tokyo-Mitsubishi, Mitsubishi Trust & Banking Co. and Nippon Trust Bank, as well as UFJ Holdings Inc. -- began operations the same day.

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Mitsubishi group banks name head of holding firm

TOKYO, Japan - File photos show (from L to R) Shigemitsu Miki, president of the Bank of Tokyo-Mitsubishi, and Akio Utsumi, president of Mitsubishi Trust & Banking Corp. The two banks and Nippon Trust Bank are due to integrate their operations next April by inaugurating a holding company, Mitsubishi Tokyo Financial Group Inc. Miki has been tentatively named president and Utsumi chairman of the holding company.

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Aizawa questioned at Budget Committee session

TOKYO, Japan - Hideyuki Aizawa, who took over Kimitaka Kuze as head of the Financial Reconstruction Commission (FRC), speaks in reply to an opposition question at a House of Representatives Budget Committee session Aug. 2. Kuze resigned after coming under fire for receiving benefits and fees from Mitsubishi Trust & Banking Corp. and condominium developer Daikyo Inc.

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New FRC Chairman Aizawa meets reporters

TOKYO, Japan - New Financial Reconstruction Commission Chairman Hideyuki Aizawa speaks to reporters at the commission office in Tokyo on July 30 after attending his attestation ceremony at the Imperial Palace. Aizawa replaced Kimitaka Kuze, who resigned after coming under heavy fire for receiving benefits from Mitsubishi Trust & Banking Corp. and condominium developer Daikyo Inc.

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FRC Chairman Kuze bows after resignation

TOKYO, Japan - Financial Reconstruction Commission (FRC) Chairman Kimitaka Kuze bows at a press conference in Tokyo on July 30 after resigning in connection with the receipt of benefits and payments from Mitsubishi Trust & Banking Corp. and condominium developer Daikyo Inc. Kuze served as FRC chairman and a state minister since July 4, when Prime Minister Yoshiro Mori launched his new cabinet. Mori immediately appointed former Economic Planning Agency chief Hideyuki Aizawa as Kuze's successor.

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FRC chief Kuze to be sacked over perks

TOKYO, Japan - A file photo of Financial Reconstruction Commission chief Kimitaka Kuze, 71, who is likely to be sacked July 30 in connection with the receipt of benefits and payments from Mitsubishi Trust & Banking Corp. and condominium builder Daikyo. Prime Minister Yoshiro Mori has decided to fire Kuze following a new revelation that Kuze received 100 million yen from the president of Daikyo in 1991 to help him recruit new members of the Liberal Democratic Party. Kuze will be the first member of Mori's cabinet, formed July 4, to step down.

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Ex-EPA chief Aizawa likely to succeed FRC head Kuze

TOKYO, Japan - A file photo of former Economic Planning Agency chief Hideyuki Aizawa, 81, who will likely succeed top financial regulator Kimitaka Kuze. Kuze, chairman of the Financial Reconstruction Commission and a state minister, is likely to be sacked July 30 in connection with the receipt of benefits and payments from Mitsubishi Trust & Banking Corp. and condominium builder Daikyo.

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FRC chief Kuze received gifts from Mitsubishi Trust

TOKYO, Japan - Kimitaka Kuze, chairman of the Financial Reconstruction Commission (FRC), speaks at a news conference in Tokyo on July 28 on media reports that he received gifts from Mitsubishi Trust & Banking Corp. in the form of office and labor costs paid for by the bank. He defended the favors, saying, ''That is a matter of the past. No laws were broken.''

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BTM, Mitsubishi Trust announce alliance plan

TOKYO, Japan - Satoru Kishi (2nd from L), president of the Bank of Tokyo-Mitsubishi (BTM), and Akio Utsumi (3rd from L), president of Mitsubishi Trust & Banking Corp., along with Tomoaki Hirano (L), president of Nippon Trust Bank, and Hiroshi Hayashi, president of Tokyo Trust Bank, shake hands in Tokyo on April 19 after announcing an agreement to integrate their management under a joint holding company in April 2001. The two banks will create the world's fifth largest and Japan's fourth biggest banking group by assets. Mitsubishi Trust will also absorb two BTM trust subsidiaries, Nippon Trust Bank and Tokyo Trust Bank, in October 2001.