Four MTFG securities houses to merge

Mitsubishi Tokyo Financial Group Inc. said Tuesday its four group securities companies -- Kokusai Securities Co., Tokyo-Mitsubishi Securities Co., Tokyo-Mitsubishi Personal Securities Co. and Issei Securities Co. -- have agreed to merge on July 1. Kokusai Securities will be the surviving entity.

Other details of the deal, including the ratio of amalgamation, have not been settled.

While Kokusai Securities, Tokyo-Mitsubishi Securities and Tokyo-Mitsubishi Personal Securities had previously agreed to merge, Issei Securities decided to join them to promote the integration of securities services within the group, MTFG said.

The merged company will have assets of 6.72 trillion yen, based on the four partners' assets as of the end of March. It is expected to be converted into a company in which MTFG will have a direct stake.