The planned merger of Bank of Tokyo with Mitsubishi Bank is likely to create the biggest foreign-owned bank in the United States, with $90 billion of assets and powerful presences in California retail banking and wholesale banking nationwide.

The deal, announced Tuesday, will probably lead to formation of a U.S. subsidiary more than twice as large as that of the Netherlands' ABN Amro Holding, which has some $42 billion of U.S. assets.

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