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. Last Updated: 07/27/2016

Japan Bank Union Fails

TOKYO -- A merger between three Japanese banks to create the world's third-largest bank by assets broke down Thursday when Asahi Bank said it had decided to cancel the deal with Sanwa and Tokai banks.

The merged bank would have had assets of 103.7 trillion yen, second in Japan to another mega-merger unveiled last August of Dai-Ichi Kangyo Bank, Fuji Bank and Industrial Bank of Japan, which will have around 135 trillion yen in assets and be the world's biggest financial group.

The Nihon Keizai Shimbun said in its evening edition that Sanwa and Tokai still planned to merge in the spring of 2002.