With an outside investor, there could be better governance over the scheme, which could get its hands on bad loans the bank itself couldn't have.

It's very natural for [Mitsubishi UFJ] to have an interest in taking a stake in a Chinese bank, and Bank of China is a very good bank.

Aeon isn't going to be a threat to the big banks.

There's been a lot of discussion about the end of quantitative easing, but relatively little about interest rates themselves. It's the level of rates that really matters.

This first phase of systems integration is the biggest hurdle. It's a must for the bank that the systems hook up properly.