Ueno’s G. 2.1 Trillion Trust Asset: How Robust Is the Bank’s Equity?
Ueno Bank reported equity of G. 2.12 trillion at the end of 2025. At the same time, G. 2.11 trillion appeared on its balance sheet as rights in a trust created in connection with the merger with Visión Banco. The public financial statements do not explain how much of this amount consists of actual investments and how much represents deferred costs. Rating agency FIX also reports “adjusted capital” of only G. 1.22 trillion. A stress test shows why the missing details about the trust are crucial for assessing the bank.
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