Banks in Japan, Japanese Mega Financial Groups

There are 12 major banks in Japan (not in any order) are:

• Mizuho Bank,
• The Bank of Tokyo-Mitsubishi UFJ,
• Sumitomo Mitsui Banking Corporation,
• Resona Bank,
• Mizuho Corporate Bank,
• Saitama Resona Bank,
• Mitsubishi UFJ Trust and Banking Corporation,
• Mizuho Trust and Banking Company,
• The Chuo Mitsui Trust and Banking Company,
• The Sumitomo Trust and Banking Company,
• Shinsei Bank,
• Aozora Bank

Besides these, there are about 110 regional banks and many shinkin banks(cooperative banks).

The 'Bank of Japan' is the central bank of Japan. It is also a juridical body and is not a government agency or a private corporation.

Japanese banking sector is under consolidation since 1990s. The number of regional banks and shinkin banks has declined gradually while the size of banks has increased. There are three financial groups which are very large and are often known as Mega groups.

Three Japanese Mega Financial Groups (Big Three Megabanks)

1. Mizuho Financial Group
2. Mitsubishi UFJ Financial Group
3. Sumitomo Mitsui Financial Group.