TOKYO (XFN-ASIA) - Mitsubishi UFJ Financial Group Inc will at today's board meeting approve a 2.5 bln yen payment to Sumitomo Trust & Banking Co Ltd to settle the latter's damage suit over the canceled merger of their trust banking operations, the Nihon Keizai Shimbun reported, without citing sources.
The two sides are expected to officially reach a settlement in a meeting to be held tomorrow at the Tokyo High Court, the business daily said.
In 2004, the then-UFJ Holdings Inc scrapped its merger plan with Sumitomo Trust to pursue an integration with Mitsubishi Tokyo Financial Group Inc.
(1 usd = 117.91 yen)
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