UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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Form 6-K
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of March, 2004
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MITSUBISHI TOKYO FINANCIAL GROUP, INC.
(Translation of registrant's name into English)
4-1, Marunouchi 2-chome, Chiyoda-ku
Tokyo 100-6326, Japan
(Address of principal executive offices)
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[Indicate by check mark whether the registrant files or
will file annual reports under cover Form 20-F or Form 40-F.]
Form 20-F __X__ Form 40-F _____
[Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities
Exchange Act of 1934.]
Yes ____ No __X__
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Date: March 23, 2004
MITSUBISHI TOKYO FINANCIAL GROUP, INC.
By: /s/ Atsushi Inamura
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Name: Atsushi Inamura
Title: Chief Manager, General Affairs
Corporate Administration Division
ACOM CO., LTD.
Mitsubishi Tokyo Financial Group, Inc.
Strategic Business and Capital Alliance
between ACOM and Mitsubishi Tokyo Financial Group
Tokyo, March 23, 2004 --- ACOM CO., LTD. (ACOM; President: Shigeyoshi Kinoshita)
and Mitsubishi Tokyo Financial Group, Inc. (MTFG; President: Shigemitsu Miki)
today reached agreement, subject to receipt of approvals from the relevant
authorities, with respect to a strategic business and capital alliance in retail
financial services.
I. Purpose of the Strategic Business and Capital Alliance
The retail finance market in Japan is undergoing major changes against a
shifting background of subdued economic growth and diversifying lifestyles. Amid
these changes, demand for consumer financial services is expected to expand
significantly and the healthy development of the consumer finance market is also
an important theme for Japan's economy as a whole.
In recognition of these factors, ACOM and MTFG have agreed to form a business
and capital alliance in order to utilize the expertise and marketing base of
each participant with maximum efficiency, to strengthen competitiveness and to
raise profitability, while also contributing to the healthy development of the
consumer finance market in Japan. In particular, by providing ACOM's excellent
screening and guarantee capabilities to those customers in MTFG's broad client
base who have consumer finance needs, ACOM and MTFG aim to build a strategic
business relationship in retail financial services that realizes their
respective strengths in the most efficient manner.
Today's announcement of their business and capital alliance is a strategic step
based on the corporate philosophies of the two companies. ACOM aims to be a
trusted company that helps its customers realize happier and more fulfilling
personal lives through a creative and innovative management style based on its
twin mottos of 'Respecting other people' and 'Putting the customer first'.
Similarly, one of the rationales for MTFG's formation and integration of
operations was to 'Face the future as a flexible and open organization that will
facilitate future development through the establishment of further business
tie-ups and alliances in order to continue to meet clients' constantly changing
needs'.
II. Outline of the Alliance
1. Business Relationships
The main elements of the business alliance will be conducted between ACOM and
MTFG's subsidiary, The Bank of Tokyo-Mitsubishi, Ltd. (BTM), in the following
business fields. In addition, ACOM and MTFG will consider further expanding
their relationship in the future.
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(1) BTM will entrust loan guarantee business to ACOM in respect of the planned
significant increase in its consumer finance business.
(2) BTM will entrust loan guarantee business to ACOM in respect of settlement
funds for small business.
(3) ACOM and BTM will cooperate to expand business tie-ups related to ACOM's
guarantee and servicer businesses with corporates and financial
institutions.
(4) ACOM and BTM will review and promote the effective mutual use of networks
and infrastructure.
(5) ACOM and BTM will cooperate to review and promote the international
development of the consumer finance business, particularly in Asia.
2. Capital Relationship
ACOM and MTFG intend that their business relationship should be long term, wide
ranging and tightly knit and that MTFG customers utilize ACOM's guarantee
products. In doing so, ACOM will act as MTFG's core corporate partner in the
consumer finance business while maintaining its independence.
From this perspective, after the transaction MTFG and its group companies
together will hold shares equivalent to 15% of the voting rights of ACOM's
outstanding shares. Following the completion of the necessary procedures, ACOM
will become an affiliated company of MTFG.
No changes to ACOM's independence, basic organization or business structure are
planned at this time.
III. Schedule
MTFG plans to acquire 14 million ACOM shares (8.79% of the total voting rights)
by the third party allocation of new shares and 6,732,340 shares (4.23% of the
total voting rights) from ACOM's existing shareholders and treasury stock. The
settlement date in respect of the third-party allocation of new shares is
scheduled for April 19, 2004, and the record date for the transfer of shares
from existing shareholders is scheduled for April 20, 2004.
The business tie-up will be implemented in stages starting from fiscal 2004.
* * *
For further information please contact:
Mr. Yoshinori Matsubara ACOM, Corporate Planning Department Tel: 81-3-3270-3423
Mr. Kohei Tsushima MTFG, Corporate Communications Office Tel: 81-3-3240-8149
This press release contains forward-looking statements that involve risks and
uncertainties. For a discussion of the business risks and uncertainties which
could cause actual results to differ from the forward-looking statements, see
the annual reports and other public filings of ACOM and MTFG.
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