Japanese banks strive to become globally competitive

05/18/2009 | Financial Times (free content)

Despite criticisms of their business model, some of the largest financial institutions in Japan are working to reinvent themselves and emerge as universal banks that can compete globally. "To play a significant role in world [financial markets] ... you need a fairly high level of universal banking [capabilities]. Without that, you wouldn't even be asked to participate in a deal," said Katsunori Nagayasu, president of Bank of Tokyo-Mitsubishi UFJ and head of the Japanese Bankers Association.

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