The saga over struggling UFJ Holdings Inc. took a new twist Friday when its estranged peer, Sumitomo Mitsui Financial Group Inc., Japan's second-biggest banking group, asked it to enter into merger talks.
UFJ immediately turned down the request, saying it is still seeking a merger with Mitsubishi Tokyo Financial Group Inc., the third-largest banking group.
On Tuesday, the Tokyo District Court issued an injunction that effectively put the UFJ-MTFG merger talks on hold. If the two are allowed to team up, it would create the world's largest banking group, with total assets of 190 trillion yen.