Mitsubishi Tokyo Financial Group Inc. and UFJ Holdings Inc. said Thursday they will enter a business and capital tieup with Norinchukin Bank to tap retail banking for farmers -- a large but closed market considered potentially lucrative.
An accord on the alliance was reached the same day, ahead of the Oct. 1 merger of Mitsubishi Tokyo Financial Group and UFJ Holdings into Mitsubishi UFJ Financial Group Inc.
The accord also involves Nippon Shinpan Co., issuer of NICOS brand credit cards under the wing of the UFJ group, which will merge with UFJ Card Co. into UFJ NICOS Co. Under the agreement, due to be signed by the end of December, Norinchukin Bank will contribute 100 billion yen each to MUFG and UFJ NICOS.