In a strategic move to secure an edge over competitors amid ongoing "Big Bang" financial deregulations, four financial firms in the Mitsubishi group announced Friday they are forming a business alliance that will provide a wide range of new financial services.
The four companies -- the Bank of Tokyo-Mitsubishi, Mitsubishi Trust & Banking Corp., Meiji Life Insurance Co. and Tokio Marine & Fire Insurance Co. -- said they will set up a new investment trust venture as early as December.
"Four financial firms in the Mitsubishi group have agreed to invest the necessary human and financial resources into our alliance," Bank of Tokyo-Mitsubishi President Satoru Kishi told a news conference in Tokyo. "At the same time, we will further strengthen the advantage we have already established in each of our business fields."