Mitsubishi Tokyo Financial Group Inc. and UFJ Holdings Inc. will eliminate a combined 200 domestic branch stores providing banking, brokerage and trust banking services as part of a management integration plan, Mitsubishi Tokyo officials said Tuesday.
Many of the 200 branches are in the Tokyo metropolitan area, the officials said.
The branches will be eliminated through consolidation or outright closure, they said.
The number represents more than 20 percent of a combined 932 outlets operated by the two financial groups as of March 31.
The outlets to be eliminated include some 140 bank, 40 brokerage and 20 trust banking branches, they said.
The branches were picked because they are offering similar types of financial services in overlapping areas, the officials said.
Of the 140 bank branches to be eliminated, about 100 are in the Tokyo metropolitan area, according to the officials.
Breaking down the overall 932 branches the two groups were running as of March 31, bank branches totaled 687, with brokerage branches numbering 158 and trust banking branches 87.
In a related move, Mitsubishi Tokyo and UFJ plan to increase by several dozen the number of integrated branch offices where customers can access all banking, brokerage and trust banking services, the officials said.
At present, Mitsubishi Tokyo runs three branches offering comprehensive financial services under the store brand of MTFG Plaza.