SAN FRANCISCO - Bank of Tokyo and Mitsubishi Bank, which have announced merger plans, will combine their subsidiary banks in California into a single institution with more than $24 billion in assets.
The new bank, which combines Union Bank and Mitsubishi Bank, both of San Francisco, will rank fourth in California and among the top 25 banks in the United States in asset size.
The new Union Bank of California will provide a wide range of financial services, including retail and private banking, business banking, trust and investment services, and international banking. The bank will be a key component of the Pacific Rim network of the new parent bank, Bank of Tokyo- Mitsubishi, Ltd.
The merger is expected to be completed April 1, 1996, after approval from boards and shareholders of Union Bank, which is 72% owned by Bank of Tokyo, and Bank of California, a wholly owned subsidiary of Mitsubishi Bank.
Kanetaka Yoshida, Union Bank's president and chief executive officer, will be the new institution's president and chief executive officer.
Hiroo Nozawa, Bank of California's chairman, president, and chief executive officer, will be deputy chairman and chief operating officer.