Three new megabank groups started their operations Monday morning, raising hopes that the presence of the new entities will further accelerate the disposal of bad loans held by Japanese banks.
Sumitomo Mitsui Banking Corp., the product of a merger between Sumitomo Bank and Sakura Bank, opened with a ceremony attended by its president, Yoshifumi Nishikawa, at its new headquarters in Hibiya, Tokyo.
"I feel like we are setting sail on rough seas," Nishikawa said at the ceremony.