Nation’s newest trust bank opens with record ¥120 trillion asset base

Kyodo

Sumitomo Mitsui Trust Bank Ltd. opened for business Sunday as the nation’s largest trust bank after three other lenders— Sumitomo Trust & Banking Co., Chuo Mitsui Trust and Banking Co. and Chuo Mitsui Asset Trust and Banking Co., agreed to be taken under the wing of Sumitomo Mitsui Trust Holdings Inc.

The new megabank will have ¥120 trillion in assets under management, making it far larger than the nation’s previous giant, Mitsubishi UFJ Trust and Banking Corp.

At an inauguration ceremony at SMTB’s head branch in Tokyo’s Marunouchi district, President Hitoshi Tsunekage underlined the significance of the three banks uniting into a trust bank with a network of 153 branches.

“We will establish a business model that only we, as an independent trust bank, can pursue creating unique added value,” Tsunekage said.

SMTB said it is keen to enhance its competitive edge by marshalling its financial and human resources in such retail trust-banking fields as insurance policy and investment trust sales, and by distinguishing its business style from that of is rivals, including Mitsubishi UFJ.

Sunday kicked off the first day of the 2012 business year.