The Bank of Tokyo
A Japanese foreign-exchange bank that operated from 1946 until its 1996 merger with Mitsubishi Bank.
Last updated August 22, 2026
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History
The Bank of Tokyo was established in 1946 as the postwar successor to Yokohama Specie Bank, a state-chartered institution with a long-standing connection to foreign exchange and Japan's overseas trade. At first, the new bank operated as an ordinary bank while taking over assets associated with its predecessor. Its institutional purpose became more clearly defined in 1954, when it was registered as a specialized foreign-exchange bank. The bank then closed business activities unrelated to foreign trade and concentrated on international payments, foreign currencies, trade finance, and related cross-border services. Its specialization gave it an important position during Japan's postwar reconstruction and export-led industrial expansion. The Bank of Tokyo worked closely with the Ministry of Finance and the Japan Bank for International Cooperation in supporting and directing aspects of Japan's foreign-trade policy. It served Japanese companies engaged abroad and international customers dealing with Japan, while also developing mechanisms for payments in markets where normal currency conversion was difficult. One notable example was an early yen–Chinese yuan settlement system created when direct foreign exchange between the two currencies was not possible. The bank's international focus shaped its organization. It maintained major operations in New York and London and had a customer base that was more international than that of most Japanese banks. Its workforce was also unusually global: the bank was described as employing more foreign nationals than Japanese nationals. In the United States, it was particularly active in California from approximately 1953. Its 1975 acquisition of a controlling stake in Southern California First National Bank, followed by the institution's renaming as California First Bank, gave it a direct platform in the American banking market. In 1988, California First acquired Union Bancorp and created Union Bank, which became an important California banking organization and was later connected with the successor group. The Bank of Tokyo also operated foreign-exchange counters at Japan's principal international airports, including Haneda and Narita. These facilities matched the bank's broader function as a bridge between Japanese customers and international currencies. The bank was among the Japanese institutions permitted to issue special bonds for yen funding, a financing arrangement that continued for a period after the merger. In January 1996, The Bank of Tokyo merged with Mitsubishi Bank. The resulting institution was named The Bank of Tokyo-Mitsubishi and later became part of the chain of corporate transformations leading to MUFG Bank. The merger ended The Bank of Tokyo as a separate legal and commercial banking identity, but its overseas network, airport foreign-exchange activities, and international banking orientation continued in the successor organization. Its abbreviation, BOT, also remained in BOT Lease, a Mitsubishi UFJ Financial Group leasing company established by The Bank of Tokyo in 1979.
- 1996
Merger with Mitsubishi Bank
[1]The Bank of Tokyo merges with Mitsubishi Bank in January to form The Bank of Tokyo-Mitsubishi.
- 1988
Formation of Union Bank
[1]California First acquires Union Bancorp, creating Union Bank and extending the bank's California platform.
- 1979
Establishment of BOT Lease
[1]The Bank of Tokyo establishes BOT Lease, whose name continues within the Mitsubishi UFJ Financial Group.
- 1975
Acquisition of Southern California First National Bank
[1]The bank acquires a controlling stake in the San Diego-based institution, later renamed California First Bank.
- 1954
Registration as a specialized foreign-exchange bank
[1]The Bank of Tokyo adopts specialized foreign-exchange-bank status and exits business unrelated to foreign trade.
- 1953
Expansion in California
[1]The bank becomes particularly active in California as part of its broader overseas expansion.
- 1946
The Bank of Tokyo begins operations
[1]The bank begins operating as the postwar successor to Yokohama Specie Bank, initially using assets inherited from that institution.
Products and positioning
A specialized Japanese international and foreign-exchange bank serving cross-border trade, multinational customers, government-linked trade policy objectives, and overseas banking markets.
Banking service · 1954
Foreign-exchange banking
The bank's defining business was foreign exchange. It handled currency conversion and settlement for Japanese and international customers and specialized in the cross-border movement of funds. Its international role included operating foreign-exchange counters at Haneda and Narita airports, functions later continued by its successor.
Corporate banking · 1954
International trade finance
After becoming a specialized foreign-exchange bank, The Bank of Tokyo focused on banking activities connected with foreign trade. Its services supported Japanese exporters, importers, overseas counterparties, and government-linked international economic activity.
Capital-markets and funding service
Yen and foreign-currency funding
The bank was permitted to issue special bonds to obtain yen funding, an authority shared with a limited group of Japanese financial institutions. The successor bank continued this program for several years following the merger.
Leasing · 1979
BOT Lease
Established by The Bank of Tokyo in 1979, BOT Lease is a leasing business whose BOT name remained in use after the bank merged into the Mitsubishi UFJ group.
Brand decisions
1996
Merge with Mitsubishi BankM&ABackground
The Bank of Tokyo's international specialization and Mitsubishi Bank's banking operations were brought together during a period of consolidation in Japanese banking.
Action taken
The two banks merged in January 1996 to create The Bank of Tokyo-Mitsubishi.
Aftermath
The Bank of Tokyo ceased operating as an independent brand. Its international network and selected businesses continued through the successor institutions that ultimately formed MUFG Bank.
1988
Combine California First with Union BancorpM&ABackground
California First Bank was the bank's principal California platform.
Action taken
California First acquired Union Bancorp to form Union Bank.
Aftermath
The combination created one of California's larger banking organizations and became part of the overseas banking legacy inherited by the successor group.
1975
Acquire a controlling interest in Southern California First National BankM&ABackground
The Bank of Tokyo had been building an overseas presence and was particularly active in California.
Action taken
The bank acquired control of the San Diego-based bank and later renamed it California First Bank.
Aftermath
The transaction gave The Bank of Tokyo a direct American banking platform that subsequently expanded through the 1988 Union Bancorp acquisition.
1954
Focus the bank on foreign exchange and foreign tradeStrategyBackground
The institution's predecessor and postwar role were closely connected with Japan's external commerce, while the bank had initially operated as an ordinary bank.
Action taken
The Bank of Tokyo obtained specialized foreign-exchange-bank status and closed business activities unrelated to foreign trade.
Aftermath
The decision established the bank's distinctive identity as Japan's international and foreign-exchange specialist.
Sources1 sources
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