Tokyo local lenders agree to merge, could prompt consolidation
TOKYO Thu Oct 10, 2013 1:05am EDT  TOKYO Oct 10 (Reuters) - Two
Tokyo-based local lenders on Thursday confirmed their plans to
merge in a move that could prompt a long-awaited but slow-moving
banking industry consolidation in a country beset with weak loan
demand.  Tokyo Tomin Bank Ltd and Yachiyo Bank Ltd said they
will announce the merger agreement later in the day. Presidents
of both banks will hold a news conference to explain the details
of the deal.  The talks between the two were reported by media
early last month, though the banks have so far only said a
merger was one of the options they could consider.  The two,
with combined assets worth 4.7 trillion yen ($48.4 billion), do
businesses in greater Tokyo metropolitan area, where not only
top lenders like Mitsubishi UFJ Financial Group but local banks
from other regions are locked in fierce competition.  Japan's
big banks, those with nationwide branch networks, underwent
waves of drastic c