East Asian Keiretsu

East Asian Keiretsu

Thanks to a spate of ASEAN trade agreements, regional integration is kicking into high gear. The data was gathered from the Japan Company Handbook, Interbill, and individual company reports. Unless otherwise noted, all figures are current as of fiscal year 2003, calculated at the following exchange rates: 2.03 Singapore dollars = 19,309 Vietnamese dong = 1384 Korean won = 39.3 NT$ = 129 Japanese yen = 10.01 Chinese renminbi = 1 euro.

Reading Key: In each matrix, shareholding firms are listed horizontally in bold type in the first row, while the companies whose stock they own are listed in normal type, in the first column. SMFG stands for the Sumitomo-Mitsui financial group; MTFG stands for the Mitsubishi Tokyo Financial group; UFJ stands for the Sanwa-Tokai-Toyo Trust group; Mizuho is the successor of the DKB-Fuyo-IBJ groups. JTSB refers to the Japan Trustee Services Bank, an investment trust run by SMFG and Resona, while MTBJ refers to the Master Trust Bank of Japan, an investment trust run by MTFG, UFJ, Meiji Yasuda and Deutsche Bank. Note that all groups are consolidated, i.e. "Mizuho" in the third column means, all the Mizuho companies which own shares in the firm. Finally, note that all self-ownership (company-specific employee stock option plans, trusts and foundations) are counted as group holdings.

One final note: superbank MTFG has agreed to take over its smaller rival UFJ in 2005, reducing the superkeiretsu from four to three.

1. China Keiretsu

Financial Firm	Assets	Major Shareholders
Industrial and Commercial Bank of China	477.2*	State of China
Bank of China	359.03*	State of China
Construction Bank of China	220**	State of China
Agricultural Bank of China	200**	State of China

* Data 2002
** Data 1998

Industrial Firm	Revenues	Major Shareholders
Sinopec	33.97	State of China 55
Baosteel	12.03	State of China
Lenova (Legend)	2.18	Founders 58

2. Hong Kong Keiretsu

Firm	Revenue (EUR bill)	Major Shareholders
Hutchison Whampoa	15.76	Li family 50, State of China undisclosd
Jardine Matheson	7.04	Keswick family 52.26, Li family 3.36
Cathay Pacific	3.19	Swire 46.1, CITIC Pacific 25.7
CITIC Pacific	2.83	State of China undisclosed amount
PCCW	2.44	Li family 32.7
Swire Pacific	1.90	Swire family 43, State of China 12.3
Cheung Kong	1.55	Li family 37, State of China 10.34, Templeton 5.4
China Mobile		State of China 75.03

3. Korea Keiretsu

Korea has rebounded strongly from the 1997-98 crisis. The chaebol are mutating from family conglomerates into full-fledged corporate networks. Hyundai continues to be strong in autos and ships, Samsung in electronics, and SK in telecoms.

Financial firm	Assets	Major Shareholders
Kookmin Bank	158.96
Shinhan Financial Group	114.88	BNP Paribas 4.9
Woori Bank	85.98	State of Korea 86.8
Korean Development Bank	64.5	State of Korea 100
Hana Bank	58.24	Allianz 8.16, Dongwon Group 4.98, POSCO 3.29, Kolon Group 3.21, Dongbu 3.17, MSIL-TOSCA 2.74, International Financial Group 2.73, National Pension Fund 1.76
Samsung Life Insurance	52.74*	Samsung group
Industrial Bank of Korea	48.05*	State of Korea
Korea Exchange Bank	45.23	Lonestar 50.53, Commerzbank 14.61, Korea Exim Bank 13.87, Bank of Korea 6.12
Samsung Fire and Marine	8.91	Samsung group 25.65
Korea Exim Bank	7.66	State of Korea 100
Hyundai Marine and Fire Insurance	3.43	Hyundai group 23.53, Shinhan 10.05, Postel Investment 4.99, LG Insurance 4.93
SK Life	2.29	SK group
Ssangyong Fire and Marine Insurance	0.73	Ssangyong group 21.2

* Data 2002

Industrial Firm	Revenues	Major Shareholders
Samsung Electronics	46.83	Samsung group
Hyundai Motor	18.04	Hyundai group 15.2
Korea Electric Power	15.44	State of Korea 79
LG Electronics	14.58	LG group
Pohang Iron and Steel (POSCO)	10.38	Self 9.96, investment trust companies 6.12, SK Group 3.34, Pohang University of Science and Technology 3.34, Nippon Steel 3.19, Industrial Bank of Korea 2.34, ESOP 0.73
SK Corporation	9.96	Crest Securities 14.99, SK and C 8.63, SK Chemicals 3.2, SK E and C 3.39, SK Life 0.95, SK Securities 0.09, self 0.74, State of Korea 1.51
Hyundai Corporation	9.46	Hyundai Motor 2.99, Hyundai Heavy Industries 2.91
SK Telecom	6.86	SK Corporation 21.47, Citibank 19.78, POSCO 4.98, SK Networks 3.06
Samsung Corporation	6.53	Lee family 22
Hyundai Heavy Industries	5.89	Hyundai MIPO Dockyard 5, Hyundai Motor 2.88
Daewoo International	4.62
Korean Airlines	4.52	Cho Yang Ho family 12.9, Hanjin affiliates 11.8, Kokusai Kogyo 3.2, Kookmin Bank 4.9, Hana Bank 3.0, Templeton 1.2
Hyundai Engineering and Construction	3.93	Hyundai group
LG International	3.90	Koo and Huh families 59
Daewoo Engineering and Construction	3.06
HMM21 (Hyundai Merchant Marine)	2.73	Hyundai group 28.82, KCC 6.93
Samsung Heavy Industries	2.71**	Samsung group
Hynix	2.62	Creditor banks 81.4
INI Steel	2.44	Hyundai group 23.08
LG Engineering and Construction	2.29	LG Group
LG Telecom	1.61	LG group, Hyundai Motor 1.28
Cheil Industries	1.51	Samsung group 13.0, ESOP 6.1
Hysco	1.37	Hyundai group 60.87
Daewoo Heavy Industry and Machinery	1.36*	KAMCO 36, KDB 21.9
Hankook Tire	1.35	Cho family 35.2, self 2.66
SK Gas	1.34	SK Group, Enron
Kumkang Korea Chemical	1.16	---
Samsung Camera	1.02	Samsung group
Ssangyong Cement	0.92	Ssangyong group, Taiheiyo Cement 22.29
Hyundai MIPO Dockyard	0.87	Hyundai Heavy Industries 27.68
Ssangyong Corporation	0.87	Ssangyong group 27.1
Dacom Corporation	0.72	LG group 30.1, Samsung group 10.6
SK Chemicals	0.62	Tae Won Choi 18.96, SKC 6.2, DBSI-WISDOM/SEC 2.76, Genecon 1.91, Korean Foundation for Advanced Studies 1.89, Korean Exchange Bank 1.78, Kookmin Bank 1.62, Moritz 1.35
Samsung Fine Chemicals	0.46	Samsung group
Ssangyong Heavy Industries	0.34	Ssangyong group 39.3
Hyundai Department Store	0.25	Hyundai group 23.8

* Data 2002
** Data 2001

4. Mitsubishi Keiretsu

Financial Firm	Assets (EUR bill)	Mitsubishi-Tokyo Financial Group (MTF)	Meiji Yasuda Life	All other MTFG	Other
Mitsubishi-Tokyo Financial Group	768.8	---	2.8	3.7	JTSB 5.4, MTBJ 4.1, Nippon Life Insurance 2.3, UFJ (Trust) 1.3
Meiji Yasuda Life	340.4	---	---	---	also Mizuho
Millea Holdings	77.1	3.9	2.2	1.5	MTBJ 6.0, JTSB 4.1, Nats Cumco 3.5, State Street Bank 2.8, Mizuho 1.6
Joyo Bank	52.7	4.7	---	---	Nipponkoa 4.7, SMFG 3.2, Nippon Life 3.2, JTSB 2.6, MTBJ 2.3
Yamagata Bank	13.9	4.4	3.9	---	Ryou Kyowa 3.3, UFJ 2.7, Dai-ichi Life 2.0, Nippon Life 2.0, Sumitomo Life 2.0, ESOP 1.7
Diamond Lease	12.5	9.8	5.1	14.9	JTSB 4.0

Industrial Firm	Revenue (EUR bill)	MTFG Group (all financial plus non-financial)	Other
Mitsubishi Corp.	110.9	19.8	MTBJ 9.3, JTSB 8.1, Nippon Life 1.9, UFJ 1.7, State Street Bank 1.5
Nippon Oil	32.5	6.9	JTSB 9.1, SMFG 4.9, Mizuho 4.8, MTBJ 4.3
Mitsubishi Electric	25.2	11.9	MTBJ 6.5, JTSB 5.2, Nippon Life 3.7, Daiichi Life 1.7, UFJ 1.5, Shinsei Bank 1.3
Mitsubishi Motors	22.1	26.2	Daimler 36.8, JTSB 2.1, MTBJ 1.8
Mitsubishi Heavy Industries	18.6	10.1	JTSB 7.4, MTBJ 4.4, Chase Manhattan 1.8, UFJ 1.3
Mitsubishi Chemical	15.0	14.6	JTSB 5.9, MTBJ 4.6, Nippon Life 4.1, JP Morgan 3.0, UFJ 2.5
Kirin	12.8	13.0	JTSB 2.5, Mizuho 1.8, Shinsei Bank 1.8, Meiji-Ya 1.4
Nippon Yusen	10.1	15.2	JTSB 10.7, MTBJ 8.4, Mizuho 3.4, Shinsei Bank 2.6, also Mizuho
Asahi Glass	9.1	17.6	JTSB 5.7, Mizuho 4.8, Nippon Life 4.8, MTBJ 4.3, Chase Manhattan 3.6
Mitsubishi Materials	7.6	9.3	JTSB 3.0, MTBJ 1.9, Goldman Sachs 1.8, UFJ 1.7, Kaihatsu Sangyo 1.3, Nippon Life 1.2
Mitsubishi Estate	5.2	13.0	MTBJ 6.0, JTSB 5.9, UFJ 4.5, Takenaka Komuten 2.1, Chase Manhattan 2.0
Nikon	4.4	17.9	MTBJ 6.3, JTSB 3.3, Nippon Life 2.4, Resona 2.0, UFJ 2.0
Mitsubishi Gas Chemical	2.5	14.2	Nippon Life 6.3, MTBJ 4.4, JTSB 3.8, Bank of Yokohama 2.5, Mizuho 2.0
Mitsubishi Rayon	2.3	9.0	JTSB 9.8, MTBJ 7.4, SMFG 4.5, Nippon Life 3.1
Mitsubishi Paper Mills	1.9	23.1	MTBJ 3.4, Hokuetsu Paper Mills 2.1
Mitsubishi Logistics	1.2	28.8	JTSB 6.4, MTBJ 3.0, UFJ 2.2
Seika	1.1	10.3	MTBJ 2.4, UFJ 1.8, Nikkiso 1.8, Taihei Dengyo 1.3, Yamaguchi Bank 1.2, SMFG 1.2
Japan Storage Battery	0.78	16.3	Nippon Life 5.0, Toyota 4.0, Daiichi Life 3.0, MTBJ 2.7, Bank of Kyoto 2.3, Daido Life 1.8
Mitsubishi Steel	0.74	30.9	Nippon Steel 1.5, Japan Securities Finance 1.4
Mitsubishi Pencil	0.47	---	SMFG 9.4, Bank of Yokohama 4.9, Mizuho 4.9, Daido Life 3.4, Nissay Dowa Insurance 2.7, Hamagin Finance 2.5
Mitsubishi Kakoki	0.29	32.3	Bank of Yokohama 2.5, UFJ 1.6
Mitsubishi Shindoh	0.28	40.1	UFJ 1.6, MTBJ 1.2

5. Mizuho Keiretsu

Mizuho, the largest and most diverse of the superkeiretsu, has bounced back strongly. Consolidation of the financial sector continues apace. Meiji Life and Yasuda Life, the two insurers of the Mitsubishi and Mizuho keiretsu, have merged into a 25,727 billion yen behemoth. Taisei FM, Yasuda FM, and Nissan FM merged into Sompo Japan Insurance, while Tokio FM and Nichido FM turned into Millea.

Financial firm	Assets (EUR bill)	Mizuho	Asahi Mutual Life	Meiji Yasuda Life	Sompo Insurance	Other
Mizuho	1,039.0	10.9	1.6	0.8	1.4	JTSB 3.4, Daiichi Life 3.2, MTBJ 2.1, Nippon Life 1.7, UFJ 0.9
Meiji Yasuda Life	340.4	---	---	---	---	also MTFG
Asahi Mutual Life	90.3*	---	---	---	---	---
Sompo Japan Insurance	41.3	6.8	---	2.7	---	Chase Manhattan 4.6, MTBJ 4.4, Daiichi Life 4.1, JTSB 2.6, ESOP 2.3, State Street Bank 2.3
Orient	31.9	7.8	---	3.1	---	Seiwa Kogyo 4.6, Mitsui Holding 4.6, Shinryo 2.5
Fukoku Life		---	---	---	---	---
Higo Bank	25.8	6.7	---	3.8	2.7	ESOP 5.0, Takara Kogyo 3.0, Bank of Fukuoka 2.3, MTBJ 2.0
Chiba Kogyo Bank	15.5	20.6	---	6.9	4.9	ESOP 1.4
Shinko Securities	16.7	25.7	---	---	---	Mitsui Holdings 4.0, Daiichi Life 3.3, MTBJ 1.6, ESOP 1.2

* Year 2000 data.

Firm	Revenue (EUR bill)	Mizuho Group (financial plus non-financial)	Other
Itochu Corp.	77.5	4.3	JTSB 7.5, SMFG 6.1, MTBJ 5.0, Nippon Life 2.6, Nipponkoa 2.6
Hitachi	63.6	6.7	JTSB 3.7, MTBJ 3.4, Mizuho 2.4, UFJ 1.6, Nippon Life 1.6
Marubeni	62.1	9.1	JTSB 3.7, JP Morgan 3.4, MTBJ 2.8, Millea 2.1, UFJ 1.6, Nippon Life 1.6
Nissan	56.7	1.4	Renault 44.3, MTBJ 4.1, JTSB 3.2, State Street Bank 2.8, Daiichi Life 1.9, Nippon Life 1.7, Chase Manhattan 1.3
Nissho Iwai-Nichimen Holdings	44.7	2.2	UFJ 7, MTFG 4.0, Resona 3.4, Nippon Life 1.5, also UFJ
Fujitsu	36.8	17.0	MTBJ 4.4, JTSB 4.1, also UFJ
Canon	24.4	3.7	Daiichi Life 6.7, JTSB 5.5, MTBJ 5.2, State Street Bank 4.5, Chase Manhattan 3.2
JFE Holdings	18.3	1.6	MTBJ 9.2, JTSB 7.5, Nippon Life 3.5, Dai-ichi Life 2.6
TonenGeneral Sekiyu	15.4	3.5	Exxon 50, MTBJ 2.8, JTSB 1.7, UFJ 1.1, Nippon Life 1.1
Cosmo Oil	15.0	8.0	SMFG 6.1, UFJ 4.0, JTSB 3.9, MTBJ 3.7, Kansai Electric 2.9, MTFG 2.5
Nippon Express	13.0	17.6	JTSB 6.6, UFJ 6.6, MTBJ 5.0, ChaseManhattan 2.4
Showa Shell Sekiyu	12.8	3.7	Shell 46.3, JTSB 3.6, MTBJ 3.6, Shinsei Bank 2.5
Taisei	12.0	7.8	JTSB 7.4, MTBJ 3.8, Resona 2.4
Shimizu	11.6	20.9	JTSB 5.2, MTBJ 4.3, MTFG 2.3
Fuji Heavy Industries	11.1	5.7	GM 23.8, Chase Manhattan 4.9, MTBJ 4.6, JTSB 4.6, Nippon Life 2.3, UFJ 1.6
Nippon Yusen	10.1	3.4	MTFG 15.2, JTSB 10.7, MTBJ 8.4, Shinsei Bank 2.6
Asahi Kasei	9.7	8.4	JTSB 6.1, SMFG 5.2, Nippon Life 4.6, Daiichi Life 3.3, MTBJ 2.6
Oji Paper	9.5	2.9	JTSB 8.4, SMFG 6.7, MTBJ 6.5, Shinsei Bank 2.8, also SMFG
Kobe Steel	9.2	8.5	Nippon Life 5.5, MTBJ 4.2, JTSB 2.3, SMFG 3.8, MTFG 1.8, also UFJ
Kawasaki Heavy Industries	9.1	11.7	JTSB 4.9, UFJ 4.0, Nippon Life 3.8, MTFG 3.5, MTBJ 2.1
Kawasho	8.9	50.7	Tokyo Leasing 3.0, Kawatetsu Life 2.6, SMFG 2.2 Seiwa Kogyo 2.2
Ishikawajima-Harima Heavy Industries	8.0	3.3	JTSB 7.5, SMFG 6.2, Daiichi Life 4.1, JP Morgan 3.1, Nippon Life 3.0, MTBJ 2.2, UFJ 2.0, also SMFG
Kubota	7.1	12.2	Nippon Life 7.8, JTSB 6.8, MTFG 4.8, Daiichi Life 3.5, SMFG 2.8
Taiheyo Cement	7.0	8.2	MTBJ 9.1, SMFG 4.7, Nippon Life 3.4, UFJ 3.3, Daiichi Life 2.1
Fuji Electric	6.7	27.4	JTSB 7.0, MTBJ 2.9, UFJ 2.0
Furukawa Electric	6.0	11.0	JTSB 5.2, Shinsei Bank 3.1, MTBJ 2.7, Nippon Life 1.8, SMFG 1.6
Showa Denko	5.2	17.5	Daiichi Life 4.1, UFJ 3.8, MTBJ 3.2, JTSB 3.0
Tobu Railway	5.2	8.6	Nippon Life 4.2, MTBJ 2.8, MTFG 2.6, Daiichi Life 1.7, Resona 1.4, SMFG 1.0, JTSB 1.0
Kawasaki Kisen	5.2	13.2	MTBJ 9.0, MTFG 7.5, JTSB 6.2, Nippon Life 3.7
Shiseido	5.0	12.1	MTBJ 4.5, UFJ 3.5, SMFG 2.5, Nippon Life 2.5, MTFG 2.5
Oki Electric	4.9	13.6	JTSB 9.3, Mizuho 4.3, Daiichi Life 2.3, Shinsei Bank 1.7
Sapporo Breweries	4.0	18.1	Nippon Life 5.1, MTBJ 1.7
Nichirei	4.1	12.9	JTSB 11.0, Nippon Life 5.4, MTBJ 4.3, UFJ 4.2, Daiichi Life 2.0
Ebara	4.0	4.1	JTSB 7.7, UFJ 7.4, Nippon Life 5.7, MTBJ 4.0
NSK	3.8	16.6	MTBJ 7.6, JTSB 7.3, Nippon Life 4.8, Toyota 1.9
Yokohama Rubber	3.2	17.9	JTSB 9.7, Zeon 5.0, MTBJ 4.3, MTFG 3.4, UFJ 2.6
Kyowa Hakko	2.7	4.8	Daiichi Life 8.1, JTSB 5.2, MTBJ 4.9, UFJ 2.0, Resona 1.9, SMFG 1.7
Tosoh	3.9	8.0	JTSB 6.9, MTBJ 4.8, SMFG 3.6, Nippon Life 2.7, UFJ 3.7
Maeda	3.7	10.9	Hikarigaoka 13.1, JTSB 7.6, MTBJ 5.9, SMFG 2.8
Yokogawa Electric	2.8	6.7	JTSB 9.1, MTBJ 8.3, Daiichi Life 7.9, Nippon Life 7.4, UFJ 3.7, MTFG 1.8
Keihin Electric Express	2.5	8.8	Nippon Life 7.6, SMFG 4.4, Daiichi Life 3.9, Bank of Yokohama 3.3, Kokudo 2.0
Lion	2.4	16.4	MTFG 8.5, Henkel 4.5
Denki Kagaku Kogyo	1.9	3.1	JTSB 20.1, SMFG 9.6, MTBJ 5.7, also SMFG
Yaskawa Electric	1.9	4	JTSB 7.8, MTBJ 6.0, Nomura 4.1, SMFG 3.4, MTFG 3.3, UFJ 2.7
Nisshinbo Industries	1.8	17.9	UFJ 8.6, MTBJ 6.1, JTSB 3.7
Nisshin OlliO Group	1.7	19.2	MTFG 20.4, UFJ 6.3, JTSB 4.8, MTBJ 4.7
Dowa Mining	1.7	5.0	MTBJ 8.3, JTSB 7.8, SMFG 5.4, Fujita Kanko 4.5, UFJ 3.6
Furukawa Co.	1.3	21.7	MTBJ 2.7, Resona 2.3, Akanekai 2.0, SMFG 1.4
Iseki	1.2	13.2	SMFG 6.8, Nippon Life 3.2, Iyo Bank 2.5
Nissan Chemical	1.2	7.7	MTBJ 7.0, JTSB 4.0, UFJ 3.6
Asahi Denka Kogyo	1.1	15.6	JTSB 7.1, MTBJ 5.5, SMFG 5.3
Nippon Soda	1.1	6.0	SMFG 7.4, UFJ 3.9, MTBJ 3.7, JTSB 3.6
Kureha Chemical	1.1	16.1	JTSB 8.8, MTFG 6.8, Resona 3.4, Sankyo 2.9, MTBJ 2.9
Tokyo Tatemono	1.0	23.8	MTBJ 2.5, Nihonbashi Kogyo 2.2, Shinsei Bank 2.0, Nishimatsu Construction 1.7
Nippon Yakin Kogyo	0.87	11.0	Japan Securities Finance 4.8, Nippon Life 4.5, MTFG 2.7, UFJ 2.5, SMFG 2.4, Nippon Steel 1.5
Tokyo Dome	0.78	17.5	UFJ 6.5, SMFG 5.4, Takenaka Komuten 4.1, Nippon Life 2.9
Asahi Kogyosho	0.62	15.9	Takasu family 6.8, Nippon Life 4.6, MTBJ 3.2, UFJ 1.7
Riken	0.55	8.2	MTFG 4.8, MTBJ 4.2, Nippon Life 4.2, SMFG 4.0, Hitachi Kinzoku Shoji 3.3, Daishi Bank 3.0
Shibusawa Warehouse	0.39	13.6	MTFG 8.3, Teikyo Univ 2.7, Resona 2.6, UFJ 2.2, Shinsei Bank 2.1

6. Singapore Keiretsu

Financial firm	Assets (bill EUR)	DBS	CapitaLand	UOB	Other
Development Bank of Singapore (DBS)	78.6	28.20	14.28	3.44	Citibank 7.2, HSBC 6.34, 0.92 Morgan Stanley, Dexia 0.43
UOB Group	55.8	17.27	12.3	14.32	Wee Investments 7.06, Citibank 6.82, HSBC 5.9, Wah Hin and Co. 5.17, Tai Tak Estates 4.29, CY Wee and Co 2.01
Government of Singapore Investment Corporation (GSIC)	94	---	---	---	State of Singapore 100
OCBC	41.6	14.45	8.83	2.77	Selat 8.42, Citibank 6.98, HSBC 4.22, Lee Foundation 3.6, Great Eastern Life Insurance 5.71, Lee Rubber 2.9, Singapore Investments 1.66, Port Authority Singapore 1.45, Lee Latex 1.34
CapitaLand	8.87	---	---	---	State of Singapore
PT Bank Danamon Indonesia	5.36	---	---	---	State of Singapore
Bank Intersional Indonesia	3.37	---	---	---	State of Singapore

Firm	Revenue	All state-linked firms (Temasek, DBS, etc.)	Other
SingTel	5.91	100
Singapore Airlines	4.81	76.04	HSBC 4.63, Citibank 4.56, Morgan Stanley 1.06
Singapore Technologies	4.61	100
Keppel Corporation	2.93	71.03	Citibank 8.95, HSBC 6.57
Neptune Orient	2.72	62.39	Citibank 7.79, HSBC 6.18, Morgan Stanley 3.36, DB 2.94
SembCorp	2.29	72.4	Citibank 4.52, HSBC 3.01
Singapore Power	2.16	100
Natsteel	1.72	64.46	Citibank 23.31, Selat 2.01
Port Authority of Singapore	1.67	100
Chartered Semiconductor	0.46	60.28

7. Sumitomo-Mitsui Keiretsu

Financial firm	Assets (EUR bill)	SMFG	Sumitomo Life	Mitsui Life	Other SMFG group	Other
Sumitomo-Mitsui Financial Group (SMFG)	810.9	---	3.6	1.3	1.8	JTSB 4.4, MTBJ 3.5, Nippon Life 3.1, Matsushita 1.7, Sanyo Electric 1.1
Sumitomo Life Insur		---	---	---	---	---
Sumitomo Trust & Banking	122.3	2.1	2.2	---	2.5	MTBJ 6.5, JTSB 6.2, UFJ 1.6
Mitsui Trust Holdings	96.7	---	---	2.2	5.2	MTBJ 1.5
Mitsui Mutual Life	75.9*	---	---	---	---	---
Daiwa Securities	73.7	3.2	---	---	2.3	JTSB 6.4, MTBJ 3.9, UFJ 3.2, Chase Manhattan 1.9, Nippon Life 1.7
Mitsui Sumitomo Insurance	50.2	2.6	---	---	1.7	Chase Manhattan 5.2, MTBJ 4.3, JTSB 4.1, Nippon Life 1.9, ESOP 1.9
Sumitomo Realty & Development	15.6	2.9	---	---	1.8	JTSB 9.2, MTBJ 4.8, UFJ 2.4

* Year 2000 data.

Firm	Revenue (EUR bill)	SMFG share (financial plus non-financial)	Other
Toyota	125.6	12.3	MTBJ 7.1, JTSB 5.4, Nippon Life 3.4, UFJ 2.8, Shinsei Bank 2.7
Mitsui & Co.	94.6	13.1	MTBJ 8.0, JTSB 7.4, Mizuho 3.0, MTFG 1.9
Sumitomo Corporation	72.1	12.7	JTSB 5.5, MTBJ 5.3, MTFG 2.5, Daiichi Life 1.9 Mizuho 1.7
Toshiba	44.2	3.9	MTBJ 5.3, Daiichi Life 3.6, JTSB 3.6, Nippon Life 3.2, State Street Bank 1.2, Chase Manhattan 1.6, Nipponkoa 1.5
NEC	37.2	4.8	JTSB 4.2, Chaste Manhattan 4.2, MTBJ 3.1, Nippon Life 2.8, Daiichi Life 2.5
Sumitomo Electric	11.6	8.6	JTSB 11.7, MTBJ 5.3, Nippon Life 5.0, Chase Manhattan 2.4
Oji Paper	9.5	6.7	JTSB 8.4, MTBJ 6.5, Mizuho 2.9, Shinsei Bank 2.8, also Mizuho
Sumitomo Chemical	9.0	16.2	MTBJ 6.7, JTSB 5.6, Nippon Life 5.4
Mitsui Chemicals	8.8	18.0	MTBJ 10.2, JTSB 8.7, Shinsei Bank 2.0
Mitsui Fudosan	8.7	13.2	JTSB 9.4, MTBJ 5.4, Chase Manhattan 3.1, State Street Bank 2.0
Sumitomo Metal	8.4	24.3	Nippon Steel 2.5, Nippon Life 2.3, UFJ 2.0, MTBJ 2.3, Mizuho 0.7
Toray	8.1	9.9	Nippon Life 4.9, JTSB 4.7, MTBJ 4.6, Daiichi Life 2.6, Chase Manhattan 2.3, Shinsei Bank 1.9
Ishikawajima-Harima Heavy Industries	8.0	6.2	JTSB 7.5, Daiichi Life 4.1, JP Morgan 3.1, Nippon Life 3.0, MTBJ 2.2, UFJ 2.0, also Mizuho 3.3
Mitsui OSK	7.4	15.1	JTSB 7.5, MTBJ 5.9, Chase Manhattan 3.3
Mitsukoshi	7.3	19.8	JTSB 7.1, MTBJ 3.1, Mizuho 1.9
Sumitomo Forestry	5.1	18.7	MTBJ 3.5, JTSB 2.5, Hyakujushi Bank 2.3, MTFG 2.3
Sumitomo Mitsui Construction	4.9	40.2	Mizuho 2.4
Sumitomo Heavy Industries	3.5	12.8	Nippon Life 2.7, MTBJ 1.9, JTSB 1.1
Mitsui Engineering and Shipbuilding	3.7	12.1	MTBJ 4.0, Hyakujushi Bank 3.4, Nippon Life 2.7, UFJ 2.5, JTSB 2.2
Sumitomo Rubber	3.5	33.8	Goodyear Tire 10.0, MTBJ 7.1, JTSB 5.6, Shinsei Bank 4.0, UFJ 1.4
Mitsui Mining and Smelting	3.0	2.8	JTSB 10.9, MTBJ 10.8, UFJ 3.2
Sumitomo Metal Mining	2.9	12.5	JTSB 13.7, MTBJ 5.3, UFJ 2.0
Sumisho Lease	3.1	53.4	MTBJ 3.7, JTSB 3.0, Eisen Fudosan 2.3, Chase Manhattan 2.2
Nippon Sheet Glass	2.2	12.1	JTSB 13.2, MTBJ 6.3, UFJ 2.2
Sumitomo Light Metal	2.1	41.0	Nippon Life 1.3
Denki Kagaku Kogyo	1.9	9.6	JTSB 20.1, MTBJ 5.7, Mizuho 3.1, also Mizuho
Mitsui Mining	1.8	26.8	Taiheiyo Cement 2.4, UFJ 1.8
Sanki Engineering	1.7	14.5	Nippon Life 9.8, Meiji Life 9.8, JTSB 5.0, MTBJ 3.6, Chase Manhattan 3.5, Daiichi Life 2.3
Nippon Flour Mills	1.6	24.9	Mizuho 4.2, UFJ 3.2
Sumitomo Osaka Cement	1.5	8.7	JTSB 8.2, MTBJ 7.3
Sumitomo Bakelite	1.3	27.7	JTSB 8.2, MTBJ 5.4, Chase Manhattan 2.1
Japan Steel Works	1.0	16.0	UFJ 2.2, MTBJ 1.6, Meiji Life 1.1, JTSB 1.1
Sumitomo Warehouse	0.71	22.9	JTSB 4.8, MTBJ 4.8
Mitsui-Soko	0.67	25.3	JTSB 8.4, MTBJ 4.4
Sumitomo Coal Mining	0.64	16.3	Otemachi Tatemono 16.4, Ginsen 16.4
Mitsui Matsushima	0.47	16.7	Shinwa Bank 4.9, UFJ 3.6, Resona 3.2 Kyushu Electric 2.2
Sumitomo Seika	0.32	46.5	MTBJ 2.5, Taki Chemical 1.4, UFJ 1.1
Mitsui High-tec	0.29	38.2	Shinsei Bank 3.0, JTSB 2.3, Nippon Life 2.0, MTBJ 1.8

8. Taiwan Keiretsu

All financial firm data end-of-year 2002, non-financial firms end-of-year 2003.

Financial firm	Assets	Major Shareholders
Bank of Taiwan	59.1	State of Taiwan
Taiwan Cooperative Bank	47.6	State of Taiwan 60.53, Farmer/fishermen coops 22.24, credit coops 10.96
Mega Financial Holding	43.3	State of Taiwan 17.05, Chunghwa Post 4.88, Bank of Taiwan 2.56, National Financial Stabilization Fund 2.53, Central Investment Holding 2.39, Kuo Hua Life 1.49, UMC 0.93, Barits Development Co 0.83
Cathay Financial	40.1
First Commercial Bank	32.5	State of Taiwan
Fubon Financial Holding	28.0	Tsai family
Taiwan Business Bank	24.8	State of Taiwan
Bank SinoPac	10.4

Industrial Firm	Revenue	Major Shareholders
Chinese Petroleum Corp	9.95*	State of Taiwan
Taipower	7.89**	State of Taiwan
Formosa Plastics Group	6.62	Wang family
TSMC	5.25	Philips 19.1, self 9.83, State of Taiwan 9.56, JP Morgan 3.22, Growth Fund of America 2.65
Chunghwa Telecom	4.64	State of Taiwan 64.98
Acer	4.01	Shih family 5
China Steel	2.54*	State of Taiwan 23.5
UMC	2.16	ESOP 8.48, self 3.13, State of Taiwan 2.4, Xilinx 2.28
Taiwan Cellular	1.56	Tsai family 41.0, Continental Engineering 3.073, Chunghwa Post 2.6, GTE 1.854
China Shipbuilding Industry	0.76**	State of Taiwan
Aerospace Industrial Development Corp	0.64***	State of Taiwan
Macronix	0.45

* Data 2002
** Data 2001
*** Data 2000

9. UFJ Keiretsu

Financial firm	Assets (EUR bill)	UFJ	Nipponkoa	Other
UFJ	621.8	---	1.0	JTSB 3.2, Nippon Life 2.8, Toyota 2.7, MTBJ 2.5
Taiyo Life Insurance	50.8	8.5	2.8	SMFG 4.9, Komatsu 3.1, Obayashi 2.3, MTBJ 1.8, Nippon Life 1.5
Orix	46.0	1.9	---	JTSB 12.7, MTBJ 9.6, Chase Manhattan 6.5, State Street Bank 4.1
Nippon Shinpan	38.5	11.2	---	Nippon Life 5.0, Taiyo Life 4.8, Shinsei Bank 3.5, Miuzuho 2.6
Nipponkoa FM	25.1	3.8	---	State Street Bank 11.0, Nippon Express 4.2, Joyo Bank 2.9, Naigai Kisen 2.7, Nippon Life 2.4, Ashikaga Bank 2.3, MTBJ 2.1
Aioi Insurance	20.6	5.5	---	Toyota 33.3, MTBJ 3.7, Winterthur 2.8, JTSB 2.2, ESOP 2.0

Firm	Revenue (EUR bill)	UFJ Group (financial plus non-financial)	Other
Hitachi	63.6	1.6	Mizuho 6.7, also Mizuho
Nissho Iwai-Nichimen Holdings	44.7	7.0	MTFG 4.0, Resona 3.4, Mizuho 2.2, Nippon Life 1.5, also Mizuho
Fujitsu	36.8	---	Mizuho 17.0, MTBJ 4.4, JTSB 4.1, also Mizuho
Sharp	16.7	3.6	Mizuho 9.5, Nippon Life 4.8, Resona 3.6, MTBJ 3.6, JTSB 3.3, Daiichi Life 2.9, SMFG 2.7
Daiei Co.	15.3	4.1	Akatsuki Capital 16.2, Mizuho 6.8, Fukuoka Dome 4.1, Marunaka 4.0, Maruetsu 3.3, SMFG 2.0
Cosmo Oil	15.0	4.0	Mizuho 8.0, SMFG 6.1, JTSB 3.9, MTBJ 3.7, Kansai Electric 2.9, MTFG 2.5, also Mizuho
Ricoh	14.0	7.9	JTSB 9.8, MTBJ 8.7, Nippon Life 4.2, MTFG 2.8, Mizuho 1.9
Nippon Express	13.0	6.6	Mizuho 17.6, JTSB 6.6, MTBJ 5.0, ChaseManhattan 2.4, also Mizuho
Tomen	12.0	9.0	Toyota Tsusho 11.5, SMFG 10.2, Resona 3.3, Mizuho 2.1
Sekisui House	10.4	24.6	Chase Manhattan 5.3, JTSB 4.6, Nomura 4.1, MTBJ 3.9, Resona 2.5, Daiichi 2.2
Central Japan Railway	10.4	6.4	State of Japan 39.5, Mizuho 4.9, MTBJ 1.8, Toyota 1.7, Nippon Life 1.7, SMFG 1.5, Daiichi Life 1.4, MTFG 1.3
Obayashi	10.4	6.0	JTSB 8.5, Yoshiro Ohbayashi 8.5, Nippon Life 5.5, MTBJ 4.8, Hakuyokai 2.7
Kobe Steel	9.5	---	Mizuho 8.2, Nippon Life 5.5, MTBJ 4.2, JTSB 2.3, SMFG 3.8, MTFG 1.8, also Mizuho
Daiwa House Industry	9.5	1.8	SMFG 7.0, JTSB 4.7, MTBJ 4.7, Mizuho 4.0, Nippon Life 2.8Daiichi Life 2.8
Kyocera	8.8	13.8	JTSB 7.1, MTBJ 5.1, Bank of Kyoto 3.7, Keiai Kosan 1.8, State Street Bank 1.6
Takashimaya	8.4	10.9	JTSB 8.0, Nippon Life 6.4, MTBJ 6.4, Mizuho 2.4, Sagami Railway 1.8
Teijin	7.0	4.2	JTSB 7.4, Nippon Life 5.2, MTBJ 4.0, Mizuho 2.4, SMFG 1.4
Sekisui Chemical	6.2	9.0	Mizuho 7.9, MTBJ 7.3, JTSB 5.1, Daiichi Life 4.8, MTFG 2.5, Resona 1.6
Iwatani International	4.3	18.2	Mizuho 3.7, Resona 3.0, SMFG 1.8
Ube Industries	4.1	6.3	JP Morgan 7.6, JTSB 4.3, MTBJ 4.0, SMFG 2.3, Nippon Life 2.2, Mizuho 2.0
Nagase and Co.	4.0	13.4	SMFG 10.6, MTBJ 4.5, Nippon Life 2.9, Mizuho 2.0
Okaya and Co.	4.0	27.9	Nippon Steel 4.2, SMFG 4.0, Asahi Bank 3.4, MTFG 2.8, Mizuho 2.2
Itoham Foods	3.9	12.9	MTBJ 7.5, Mizuho 6.6, JTSB 6.2, Toei Shoji 4.7, MTFG 3.6, Nippon Life 3.1
Hankyu	3.7	2.3	SMFG 3.8, Nippon Life 3.1, MTBJ 1.4, JTSB 1.0, Resona 0.8
Nisshin Steel	3.3	9.8	Nippon Steel 9.6, MTBJ 4.1, JTSB 3.5, Shinsei Bank 2.8, Nippon Life 2.8, Deutsche Bank 1.6
Fujisawa Pharmaceutical	3.2	9.6	MTBJ 11.5, Nippon Life 6.6, JTSB 6.4, Chase Manhattan 5.7, SMFG 3.0, State Street Bank 2.4
Misawa Homes	3.2	24.2	SMFG 1.8, MTBJ 1.4
Seino Transportation	3.2	20.1	MTBJ 6.9, Juroku Bank 3.2, JTSB 2.4, Nippon Life 2.4, Hino Motors 2.1, Ogaki Kyoritsu Bank 1.9
Matsuzakaya	2.9	10.8	Daiichi Life 5.2, Asahi Bank 4.1, SMFG 3.6, Nippon Life 3.5, Mizuho 3.4, Showakai Assn 3.0, Takenaka Komuten 2.0
Daido Steel	2.8	3.4	Nippon Steel 10.0, MTFG 7.0, MTBJ 6.2, JTSB 4.4, Mizuho 4.2
NTN	2.8	7.4	JTSB 12.5, MTFG 9.9, MTBJ 9.5, Daiichi Life 5.2, Nippon Life 2.2
Hitachi Zosen	2.6	6.9	Mizuho 4.6, Hitachi 2.3, MTFG 1.1, Daido Life 1.1, MTBJ 0.9
Toyo Tire and Rubber	2.0	13.1	MTBJ 6.3, Toyota 4.5, Shinsei Bank 3.4, Nippon Life 3.0, SMFG 2.4, JTSB 1.9, Mizuho 1.9
Hoya	2.0	2.3	Chase Manhattan 8.2, JTSB 8.0, Daiichi Life 6.6, MTBJ 5.9, State Street Bank 5.9, Nippon Life 4.6, Suzuki International 3.3
Tokuyama	1.8	6.3	Nippon Life 6.1, MTBJ 6.0, MTFG 5.6, JTSB 5.2, Mizuho 3.5, Yamaguchi Bank 3.0, JP Morgan 2.6
Unitika	1.7	13.9	Daido Life 2.6, Nippon Life 1.6, MTFG 1.3, MTBJ 1.1
Tanabe Seiyaku	1.4	8.5	JTSB 10.1, MTBJ 9.8, Nippon Life 7.6, Daiichi Life 2.8, Chase Manhattan 2.7, SMFG 2.1
Kansai Paint	1.4	6.0	JTSB 6.8, Nippon Life 4.9, Mizuho 4.3, Daiichi Life 3.4, MTBJ 3.3, Toyota 3.0, Daido Life 2.7
Toyo Construction	1.4	11.9	Mizuho 4.1, MTFG 3.1, Nippon Life 1.5
Zenitaka	1.3	43.3	Ohizumi Shoji 9.0, Ichiro Mori 4.1, Kyomachi Building 3.6, SMFG 2.7, MTFG 1.4, Daido Life 1.3
Kagome	1.3	2.8	Kanie family 7.4, Dainippon Shigyo 4.1, MTBJ 2.8, Hisao Kawaguchi 2.3, Tatsuaki Sano 1.8, Nippon Life 1.8
Nachi-Fujikoshi	1.1	15.8	Toyota 5.8, Hokuriku Bank 4.9, SMFG 4.9, Kyowa Stock 2.5, MTBJ 1.7
Kurita Water	1.1	15.2	Nippon Life 5.5, Northern Trust 4.6, Resona 4.2, Chase Manhattan 3.7, SMFG 3.5, MTFG 3.3, MTBJ 2.7
Nakayama Steel Works	0.96	20.4	Mitsuboshi Kaiun 2.9, Aozoro Bank 1.9, Shinsei Bank 1.9, Amagasaki Can Mfg 1.8
Ushio	0.74	7.1	MTBJ 7.2, JTSB 4.6, MTFG 4.0, Mizuho 3.1, Nissay Dowa Insurance 2.8, Resona 2.5
Nippon Sharyo	0.66	8.2	SMFG 6.0, Nippon Life 3.5, Mizuho 2.9, MTBJ 2.3, Shinsei Bank 2.3, JTSB 2.2
Nitto Electric	0.34	6.6	Meito Kosan 15.2, Mizuho 10.0, MTBJ 3.2, JTSB 2.6, NAO 2.0
Iwatsu Electric	0.32	11.9	MTFG 5.3, Nippon Life 4.7, Shinsei Bank 2.9, MTBJ 1.4

APPENDIX. State-linked or cooperatively-owned firms, East Asia.

Note that this table duplicates firms listed above.

Financial Firm	Assets	Major shareholders
Japan Postal Savings Bank	2,214.8	State of Japan 100
Norinchukin Bank	474.93	Cooperatively-owned
Industrial and Commercial Bank of China	477.2*	State of China
Bank of China	359.03*	State of China
Construction Bank of China	220***	State of China
Agricultural Bank of China	200***	State of China
Government of Singapore Investment Corporation (GSIC)	94	State of Singapore 100
Woori Bank	85.98	State of Korea 86.8
DBS	78.6	State of Singapore 45.92
Bank of Taiwan	59.1	State of Taiwan
UOB Group	55.8	State of Singapore 43.89
Industrial Bank of Korea	48.05*	State of Korea
Taiwan Cooperative Bank	47.6	State of Taiwan 60.53, Farmer/fishermen coops 22.24, credit coops 10.96
Mega Financial Holding	43.3	State of Taiwan 17.05, Chunghwa Post 4.88, Bank of Taiwan 2.56, National Financial Stabilization Fund 2.53, Central Investment Holding 2.39, Kuo Hua Life 1.49, UMC 0.93, Barits Development Co 0.83
OCBC	41.6	State of Singapore 27.95
First Commercial Bank	32.5	State of Taiwan
Taiwan Business Bank	24.8	State of Taiwan
CapitaLand	8.87	State of Singapore
Korea Exim Bank	7.66	State of Korea 100
PT Bank Danamon Indonesia	5.36	State of Singapore
Bank Intersional Indonesia	3.37	State of Singapore
Vietnam Bank for Agriculture and Rural Development	4.84*	State of Vietnam
Vietnam Bank for Social Policies	0.38*	State of Vietnam
Vietnam Postal Savings Company (VPSC)	0.33*	State of Vietnam
Vietnam People's Credit Funds	0.25**	State of Vietnam

* Data 2002
** Data 2001
*** Data 1998

Industrial Firm	Revenue	Major shareholders
NTT	84.5	State of Japan 45.9, JTSB 2.2, MTBJ 1.8
Sinopec	33.97	State of China 55
Korea Electric Power	15.44	State of Korea 79
Baosteel	12.03	State of China
Chinese Petroleum Corp	9.95*	State of Taiwan
Taipower	7.89**	State of Taiwan
SingTel	5.91	State of Singapore 100
Singapore Airlines	4.81	State of Singapore 76.04, HSBC 4.63, Citibank 4.56, Morgan Stanley 1.06
Chunghwa Telecom	4.64	State of Taiwan 64.98
Singapore Technologies	4.61	State of Singapore 100
Keppel Corporation	2.93	State of Singapore 71.03, Citibank 8.95, HSBC 6.57
Neptune Orient	2.72	State of Singapore 62.39, Citibank 7.79, HSBC 6.18, Morgan Stanley 3.36, DB 2.94
China Steel	2.54*	State of Taiwan 23.5
SembCorp	2.29	State of Singapore 72.4, Citibank 4.52, HSBC 3.01
Singapore Power	2.16	State of Singapore 100
Natsteel	1.72	State of Singapore 64.46, Citibank 23.31, Selat 2.01
Port Authority of Singapore	1.67	State of Singapore 100
China Shipbuilding Industry	0.76**	State of Taiwan
Aerospace Industrial Development Corp	0.64***	State of Taiwan
Chartered Semiconductor	0.46	State of Singapore 60.28

* Data 2002
** Data 2001
*** Data 2000