3 UFJ Group banks to combine venture capital units.
Sanwa Bank, Tokai Bank and Toyo Trust & Banking Co. will consolidate their venture capital subsidiaries Jan. 15 to strengthen their operations, their holding company UFJ Holdings Inc. said Friday.
Sanwa Capital Ltd. will be the surviving entity and will be renamed UFJ Capital Co., UFJ said in a statement.
In the merger of Sanwa Capital, Central Capital Ltd. and Toyo Trust Capital Co., one Sanwa Capital share will be exchanged for one UFJ Capital share, with 10 Central Capital shares swapping for one UFJ Capital share and 20 Toyo Trust Capital shares for one Sanwa Capital share, UFJ said.
To be capitalized at 10 billion yen, UFJ Capital will be a top bank-affiliated venture capital company with 40 billion yen invested in 1,100 companies, said UFJ, which is one of Japan's four major banking groups.
Sawna Capital President Akira Nakamura will become president of the merged company, it said.
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|Publication:||Japan Weekly Monitor|
|Date:||Nov 12, 2001|
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