Mergers and foreign exchange fluctuations reshuffled the rankings of the world's top 25 banking companies last year, according to an American Banker survey.

Bank of Tokyo-Mitsubishi Ltd., the product of a merger of two Japanese giants, wrested the top spot from Frankfurt-based Deutsche Bank AG. The German bank slipped to second place, while France's Credit Agricole Mutuel climbed to third from ninth after acquiring Paris-based Banque Indosuez.

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