Japanese Banks Announce Alliance

Share prices soared on the Tokyo Stock Exchange Friday after three Japanese banks announced an alliance that would create the world's largest banking group.

The presidents of Dai-Ichi Kangyo Bank, the Industrial Bank of Japan and Fuji Bank made the announcement, indicating that the alliance would produce a banking giant with more than $1 trillion in assets.

The alliance, to be implemented over the next two years, is seen as a way to help the Japanese banking industry find its way out of the worst crisis it has seen since World War II.

Analysts welcomed the long-overdue effort to deal with the realities of an overcrowded market, massive bad loans and low profit margins. However, some analysts were skeptical about whether size alone will help make the banks more competitive.

You may like these other stories...

By Jason BramwellThe IRS on August 19 unveiled a new online registration system for financial institutions that need to register with the agency under the Foreign Account Tax Compliance Act (FATCA).Financial institutions...
By Curtis C. Verschoor, CMAThe furor over the extensive tax avoidance measures used by technology companies such as Google and Apple has reached new heights in both the United Kingdom and the United States. Government...
By Jason Bramwell Government leaders of eight of the world's largest economies pledged on June 18 to take a tougher stance on fighting tax evasion. The Group of Eight (G8) leaders, who met in Northern Ireland,...

Upcoming CPE Webinars

Aug 5
This webcast will focus on accounting and disclosure policies for various types of consolidations and business combinations.
Aug 20
In this session we'll review best practices for how to generate interest in your firm’s services.
Aug 21
Meet budgets and client expectations using project management skills geared toward the unique challenges faced by CPAs. Kristen Rampe will share how knowing the keys to structuring and executing a successful project can make the difference between success and repeated failures.
Aug 28
Excel spreadsheets are often akin to the American Wild West, where users can input anything they want into any worksheet cell. Excel's Data Validation feature allows you to restrict user inputs to selected choices, but there are many nuances to the feature that often trip users up.