(Australia) – Japan’s Bank of Tokyo Mitsubishi will liquidate itself and start afresh as a Sydney branch office of the Japanese city bank from September 1.In line with the change, the Bank of Tokyo-Mitsubishi (Australia) will stop handling individual client’s deposits, an operation only permitted for banks’ local subsidiaries.
The bank has 600 individual accounts, with deposits of A$35 million, but has judged that upcoming regulatory changes from the Australian Prudential Regulatory Authority to lower the bank’s maximum lending limit will make it difficult to extend sufficient credit to its corporate clients.