BANKING

Mitsubishi Bank Gets OK to Buy Bank of Tokyo Units: The Federal Reserve’s approval of Mitsubishi Bank’s plan to purchase the U.S. subsidiaries of the Bank of Tokyo is an important step toward a merger that will create the world’s largest bank. In the United States, the two banks operate subsidiary banks in California. The Fed said the merger would not mean an unfair competitive advantage for the combined company, which would be the third-largest bank in the state. Mitsubishi Bank owns the Bank of California, with $3.5 billion in assets; Bank of Tokyo owns Union Bank of California, with $13.5 billion in assets, according to Fed figures. The merger, set for April 1, would create Japan’s first global bank, with assets of about $826 billion, according to Fed figures.