Mitsubishi Tokyo Financial Group Inc. said Thursday that the Bank of Tokyo-Mitsubishi will return the portion of employee pension assets it manages on behalf of the government.
This will allow the parent holding company to book an extraordinary profit of 26 billion yen in its group results for fiscal 2003.
The bank’s employee pension fund has decided to return the so-called substitute portion of its pension program because the stock market slump and low interest rates have made it impossible to secure planned investment returns.
BTM is the second major commercial bank to return this portion to the government.
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