The Dai-Ichi Kangyo Bank, Fuji Bank and Yasuda Trust & Banking Co. announced on Friday they would form a new trust bank in April that will focus on corporate pension funds and investment trusts.
DKB and Fuji Bank are to consolidate trust banking subsidiaries Dai-Ichi Kangyo Trust & Banking Co. and Fuji Trust & Banking Co. into a new entity named Dai-Ichi Kangyo Fuji Trust & Banking Co., they said.
The tieup among all three banks plans for Yasuda to transfer three of its operations to the new trust bank -- corporate pension trust services, securities-custodial services and stock ownership swapping services -- and about 1,000 Yasuda Trust officials.
The new bank will be equally owned by DKB and Fuji, but they have not determined how much capital to give the new trust bank, they said.
Fuji Bank and Yasuda Trust are members of the Fuyo corporate conglomerate and are looking into the possibility of arranging alliances in various fields, including a merger, Fuji Bank President Yoshiro Yamamoto and Yasuda Trust President Takahiko Kiminami said at a press conference.