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National News

Chuo Mitsui to wed Sumitomo Trust

Sumitomo Trust & Banking Co. and Chuo Mitsui Trust Holdings Inc. are planning to integrate their managements in the spring of 2011 to survive the global financial crisis, a move that would create Japan's largest trust bank, sources close to the matter said Oct. 27.

The gross assets of the new trust bank would total around 36 trillion yen, surpassing those of current leader Mitsubishi UFJ Trust and Banking Corp.

The new bank also would be the fifth largest among Japanese banking groups. Although Sumitomo Trust is currently the fifth largest banking group in Japan, the new trust bank would come closer to fourth largest Resona Holdings Inc.

After seeing their profitability deteriorate amid the financial crisis, Sumitomo Trust and Chuo Mitsui have acknowledged that they should merge into a larger one, the sources said.

They have already started negotiations on the integration with the Financial Services Agency, Chuo Mitsui's largest shareholder. (Kyodo News)

Shukan ST: November 6, 2009

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National News Chuo Mitsui to wed Sumitomo Trust Sumitomo Trust & Banking Co. and Chuo Mitsui Trust Holdings Inc. are planning to integrate their managements in the spring of 2011 to survive the global financial crisis, a move that would create Japan's largest trust bank, sources close to the matter said Oct. 27. The gross assets of the new trust bank would total around 36 trillion yen, surpassing those of current leader Mitsubishi UFJ Trust and Banking Corp. The new bank also would be the fifth largest among Japanese banking groups. Although Sumitomo Trust is currently the fifth largest banking group in Japan, the new trust bank would come closer to fourth largest Resona Holdings Inc. After seeing their profitability deteriorate amid the financial crisis, Sumitomo Trust and Chuo Mitsui have acknowledged that they should merge into a larger one, the sources said. They have already started negotiations on the integration with the Financial Services Agency, Chuo Mitsui's largest shareholder. (Kyodo News) Shukan ST: November 6, 2009 (C) All rights reserved