Bank of Tokyo-Mitsubishi UFJ, the world's largest bank, formed through the merger of two major Japanese financial groups, opened for business Wednesday with a ribbon-cutting ceremony at the company's Tokyo headquarters.
The merger of Mitsubishi Tokyo Financial Group Inc. and UFJ Holdings Inc. was completed Sunday, creating the world's largest financial group, with assets of about 190 trillion yen ($1.6 trillion), topping U.S.-based Citigroup Inc.'s $1.55 trillion, based on the latest company figures.
But a problem with the new bank's software prevented the processing of about 10 remittances made over the Internet, according to bank spokesman Yuichiro Moto.