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Sumitomo Withdraws from Merger with UFG

Sumitomo Mitsui Financial Group (Sumitomo) has announced its withdrawal from its proposed merger with rival Japanese bank UFJ. The bank says its is withdrawing from the proposed integration following the announcement last week that UFJ has agreed terms with the Mitsubishi Tokyo Financial Group.

The merger was proposed in August 2004 and the deal was recently extended to June 2005, as Sumitomo battled the proposal from Mitsubishi Tokyo.

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