Sanwa Bank, Tokai Bank and Toyo Trust & Banking Co., due to combine forces in a joint holding company called UFJ Holdings Inc. in April, will consolidate their asset management business into two firms, the three banks said Thursday.
Under the plan, Tokai Asset Management Co. and Toyo Trust Asset Management Co. will transfer their investment trust divisions to Sanwa Bank's Partners Asset Management Co., effective April 1. Partners Asset Management will then be renamed UFJ Partners Asset Management Co., and will focus on the retail market, they said.
After transferring their investment trust divisions, Tokai Asset and Toyo Trust will merge with Sanwa Asset Management Co. on April 2.
Sanwa Asset Management, the remaining entity, will be renamed UFJ Asset Management Co. and will focus on the wholesale market.
Post-to-bank transfers
The Posts and Telecommunications Ministry will begin remittance services from post offices in Japan to commercial banks in 10 countries from Jan. 4, ministry officials said Thursday.
The new service will enable consumers to transfer money from some 20,000 post offices to banks in Belgium, Britain, Denmark, France, Germany, Liechtenstein, Spain, Sweden, Switzerland and the United States, with charges ranging from 400 yen upward.
Remittances will take two to five days, the officials said. Currently, remittances from post offices can be made only to postal transfer bodies.
While commercial banks offer similar services, they charge between 2,500 yen and 4,000 yen for overseas remittances.