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. Last Updated: 07/27/2016

Japanese Banks Unite

TOKYO -- Two leading Japanese banks, Asahi Bank and Tokai Bank, announced a tie-up Thursday that creates Japan's third-largest banking group and will lead to 4,000 job losses in an industry undergoing deep restructuring.

The merged group, tentatively named Tokai-Asahi, will have assets of 59 trillion yen ($550 billion) and aim to be a "super regional bank" in a tie-up based on a 50-50 partnership.

They will set up a joint holding company by October of next year, they said.