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Japanesse banks announce mega-merger

Three of Japan&#39s leading banks have announced they are to merge to form the world&#39s largest financial group.

The three consisting of Fuji Bank, Dai-Ichi Kangyo Bank and Industrial Bank of Japan aim to complete the tie up by the spring of 2002.

The plans will create a bank with combined assets of about $1,300bn (£812bn) far out stripping the current number one financial institution Deutsche Bank with assets of $735bn (£460bn).

The combined group which has over 700 branches and 41,000 staff will spell 6,000 redundancies as the new bank closes up to 150 of its branches

The deal is part of a wider wave of consolidation in the Japan&#39s financial services sector since the recession of the early 1990s which left many banks with bad debts.


Woolwich launches buy-to-let tracker

Woolwich Direct is launching a tracker mortgage for the buy-to-let market.The loan is aimed at borrowers looking to purchase or remortgage a residential investment property.The loan will track Woolwich&#39s base rate plus 1.6 per cent. The bank&#39s current base rate is 6.6 per cent.Loans will be available up to 75 per cent loan to value […]

Shepherds to buy unitised with-profits policies

Essex-based traded endowment specialist Shepherds is to become the first trader to buy unitised with-profits policies. It says accepting unitised policies will dramatically boost its sales because the majority of policies taken out over the last ten years have been unitised. The company has developed a specialist team of actuaries to deal with the charging […]

Unum new business soars

Income protection specialists Unum has announced a 77 per cent leap in new business figures for the first six months of 1999 compared to the same period last year.Unum says its total new business jumped to £16.6m from £9.5m the previous year.The firms IFA group business soared by 123 per cent to £11.4m from £5.1m […]

IFA fined over pensions misselling review

The PIA has taken disciplinary action against Leicestershire IFA Bland Bankart Financial Services over compliance failings resulting from the pensions misselling review.Bland Bankart of 26 De Montfort Street, Leicester was fined £20,000 and ordered to pay PIA costs of £2,200.Among the areas identified by the PIA were inadequate monitoring and failure to identify a starting […]

Harris Associates' view on the UK’s vote to leave the EU

By David Herro, Partner, Deputy Chairman, Portfolio Manager and Chief Investment Officer of International Equity at Harris Associates Britain’s vote to exit the European Union has led to significant uncertainty across global markets. We believe market impact of this uncertainty, though severe, is more of a shorter-term phenomenon which will provide an opportunity for long-term […]


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