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Tokyo TY Financial Group gets nod to merge 3 banking units

Tokyo TY Financial Group Inc. said April 27 that it obtained approval for the planned merger of its three banking units from the Japanese government.

Kiraboshi Bank, the resulting entity of the integration between Tokyo Tomin Bank Ltd., Yachiyo Bank Ltd. and ShinGinko Tokyo Ltd., started operations May 1.

The lender estimated it would cut expenses by ?10 billion to ?11 billion annually two years after the system integration, The Nikkei reported May 1.

As of May 1, US$1 was equivalent to ?109.69.