Top executives of leading U.S., Japanese and European banks will meet in London this month to discuss regulation and other issues key to the future of the financial system, two industry sources said.
The British government will host the meeting on March 24, after a gathering of Group of 20 (G20) finance ministers in London this weekend and ahead of a summit of G20 leaders there on April 2, according to the sources who declined to be identified because the meeting has not been made public.
The G20 summit of big developed and developing countries aims to put the stuttering global economy on a path to recovery and come up with better regulation to fix a financial system crippled by the credit crisis.
Japan's Nikkei newspaper reported the bankers' meeting over the weekend, saying that invitations had been sent to leading institutions including Japan's Mitsubishi UFJ Financial Group, JPMorgan Chase and HSBC.
Mitsubishi UFJ, Japan's largest bank, was now deliberating who will go to the meeting, the sources said, adding it was not clear if its president, Nobuo Kuroyanagi, would attend.
The meeting was expected to discuss capital adequacy guidelines and other regulatory issues, the sources said.
Mitsubishi UFJ, JP Morgan and HSBC declined to comment.
The London summit will follow last November's G20 crisis meeting in Washington and aims to agree on coordinated actions to revive the global economy, regulate the financial sector and principles for reforming international financial institutions.
In the lead up to the summit, European leaders have called for tighter global banking supervision while U.S. President Barack Obama has urged a sweeping overhaul of Wall Street regulations.
The European Commission's proposals range from tougher bank capital rules to streamlining supervision, more transparency in derivatives markets and proposals to penalize banks whose remuneration policies encourage excessive risk-taking.
China said on Saturday it wanted a major say in talks about reworking the global financial order and there should be more power for developing countries in the International Monetary Fund and World Bank.
(Reporting by Taro Fuse; Editing by Jean Yoon)