Sumitomo Bank and Sakura Bank on Tuesday said the merged entity they will form in April, Mitsui Sumitomo Banking Corp., aims to repay by the end of fiscal 2007 all the 1.501 trillion yen in public funds they have received.

Sumitomo Bank President Yoshifumi Nishikawa and Sakura Bank President Akishige Okada announced the plan after receiving a formal approval of their merger from the Financial Services Agency.

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