one of the largest banking monopolies of Japan and the capitalist world; financial center of the powerful Mitsubishi monopoly group.
The bank was founded in 1919 as an extension of the special banking division of the Mitsubishi Company, with its main office in Tokyo. In order to conceal its ties with the zaibatsu (monopolies) after World War II, the Mitsubishi Bank changed its name to the Chiyoda Bank; in 1953 it again assumed its previous name. The bank helped restore the influence of the Mitsubishi group.
In early 1973 the Mitsubishi Bank controlled the powerful investment bank Mitsubishi Trust and Banking Corporation, which has 39 branches and a total balance of 2,392 billion yen. The Mitsubishi Bank controls large enterprises in such industries as metallurgy, machine building (with military applications), chemicals, petroleum refining, and fishing, as well as insurance and trading companies. As of Mar. 31, 1972, the bank had 181 branches in Japan, as well as branches and agencies in Seoul, Hong Kong, London, Paris, Dusseldorf, New York, and Los Angeles. The total balance of the Mitsubishi Bank was then 5,121 billion yen ($16.8 billion), and the balance of deposits was 3,699 billion yen ($12.2 billion).
M. LU. BORTNIK