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Business

Common challenges spur merger of Japan's Mie Bank, Daisan Bank

April 2018 move aimed at coping with rivalries, population woes

TOKYO -- Japan's Mie Bank and Daisan Bank on Tuesday said they have agreed to merge, in principle, as they strive to boost their competitiveness and deal with demographic challenges.

The two regional lenders are headquartered in the prefecture of Mie, southwest of Nagoya. They plan to pair up under a new holding company to be established on April 2, 2018. They will set up a committee to prepare for the merger and aim to reach a final accord by this September.

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