as Sumitomo Bank Ltd. and Sakura Bank Ltd. announced plans to merge into the world's second-largest bank, with $927 billion of assets.

In a joint announcement, Osaka-based Sumitomo and Tokyo-based Sakura said the merger would be implemented over two or three years. In the meantime they will operate as a "strategic alliance."

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.