Agreement reached on merger of Sumitomo Trust, Chuo Mitsui Trust

11/9/2009 | Wall Street Journal, The

The fifth-largest bank in Japan will be created by the merger of Sumitomo Trust & Banking Co. and Chuo Mitsui Trust Holdings. The combined entity, to be called Sumitomo Mitsui Trust Bank, will be Japan's biggest trust bank and the nation's fifth-largest lender. Trust banks in Japan engage in activities that go far beyond traditional bank deposit-taking and lending. They engage in real estate brokerage and development, pension-fund management and other trustee-related businesses.

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Wall Street Journal, The

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