Sanwa Bank, Tokai Bank and Toyo Trust & Banking Co. jointly announced Wednesday that they have agreed in principle to integrate their operations under a single holding company to be formed next April.
Sanwa and Tokai -- two of the top nine "city" commercial banks with urban branch networks -- divulged a plan on June 15 to merge in April 2002 after combining their operations next April.
The three-way accord calls for Toyo Trust to turn over control of its deposit and lending operations to the bank to be created through the Sanwa-Tokai merger. The new bank will hand over its asset-management operations to Toyo Trust, a longtime specialist in the area.