P.M. BRIEFING : Mitsubishi Bank to Be NYSE Record

Mitsubishi Bank Ltd. next week will become the first Japanese bank to be listed on the New York Stock Exchange and also will rank as the largest foreign company traded on the Big Board, it was reported today.

Mitsubishi, the world’s fourth-largest bank, will be the ninth Japanese company to be listed on the NYSE, according to the New York Times.

American investors will be allowed to trade more than 2 billion Mitsubishi shares, which initially will trade in the form of American depository receipts, the paper said.

The move marks the first attempt by a Japanese bank to raise money in the American capital markets, which some Wall Street observers have predicted would be a growing trend, the paper said.