National News Chuo Mitsui to wed Sumitomo Trust

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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)

中央三井と住友信託が経営統合へ

住友信託銀行と中央三井トラスト・グループが2011年春をめどに経営統合する方向で協議に入ったことが明らかになった。

Shukan ST: November 6, 2009

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