Japan's Two Commercial Banks to Form Holding Firm ����Tokai Bank and Asahi Bank, two of Japan's major commercial banks, have agreed to establish a joint holding company in October 2000 to create the country's third biggest bank with assets of about 59 trillion yen (551.4 billion U. S. dollars), the banks announced Thursday. ����By October 2001, the banks plan to reorganize their operations into three banks covering Japan's three key financial centers -- Tokyo, Nagoya and Osaka -- as well as an international investment banking unit. ����The two banks will put greater emphasis on lending operations for medium-sized and small businesses and individuals in Japan, and both will continue to target mainly at Japan's small businesses operating abroad. ����A total of 70 domestic branches and outlets will be merged, while around 10 business bases abroad will be integrated, the banks said. ����Asahi and Tokai, following Dai-Ichi Kangyo Bank, Fuji Bank and the Industrial Bank of Japan, did not opt for a merger. The three banks announced in late August that they plan to integrate operations under a holding company to create the world's biggest banking group. ����The decision only to integrate operations was intended to allow independent management of subsidiaries and avoid internal confusion and conflicts that could be caused by a merger, the two banks said. ����The holding company will have its head office in Tokyo. Asahi Bank President Tatsuro Ito will be the chairman of the holding company, while Tokai Bank President Hideo Ogasawara will be president. (Xinhua) WorldNews 1999-10-08 Page7 Full Story in Chinese