Three "shinkin" credit banks in Tokyo's Tama area said Monday they have agreed to merge operations in January 2006.
Tama Chuo Shinkin Bank, Taihei Shinkin Bank and Hachioji Shinkin Bank are set to merge Jan. 10, 2006. Their combined deposits total 1.94 trillion yen.
The new bank will be the third-largest shinkin in Tokyo, behind Johnan Shinkin Bank and Johoku Shinkin Bank.
The integrated shinkin bank, called Tama Shinkin Bank, will be based in the city of Tachikawa.
Tama Chuo Shinkin is by far the largest of the three in terms of deposits. Its deposits currently stand at 1.42 trillion yen, compared with 340 billion yen at Hachioji Shinkin and 180 billion yen at Taihei Shinkin.