The four struggling Japanese banks ASAHI BANK, DAIWA BANK, KINKI OSAKA BANK and NARA BANK are planning to launch a new large-scale regional company by March 2002 called DAIWA BANK HOLDINGS INC with assets of 1,155.7 bil yen. The new joint venture would cut the four banks' current combined workforce by 26.7% (some 6,300 people) and close 227 branches across Japan.