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Mitsubishi May Start Securities

September 23, 1998

TOKYO (AP) _ Four financial institutions belonging to the Mitsubishi group will set up a large securities company with capital worth between 200 billion and 300 billion yen ($1.49 billion-$2.23 billion) next year, a Japanese newspaper reported Wednesday.

The four institutions involved are the Bank of Tokyo-Mitsubishi Ltd., Mitsubishi Trust and Banking Corp., Meiji Life Insurance Co. and Tokio Marine and Fire Insurance Co., the Yomiuri Shimbun reported.

Officials from the four companies are in the final stages of coordinating the launch of the new brokerage, scheduled for October 1999, said the daily.

Mitsubishi officials could not be reached to comment on the report Wednesday due to a national holiday.

The move is seen as linked to Japan’s ``Big Bang″ financial reforms, now under way and to be fully implemented early in the next century, the report said.

In July, companies in the Sumitomo banking group and Daiwa Securities Co., a major Japanese brokerage, announced a comprehensive securities alliance with capital worth about 300 billion yen.

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