Sumitomo Trust & Banking Co. said Wednesday it will return some 200 billion yen in public funds to the government next week it received in 1999.
It will be the fourth bank to pay back in full public funds injected under the government's bank recapitalization program, following on the heels of the Bank of Tokyo-Mitsubishi, Mitsubishi Trust & Banking Corp. and Kansai Sawayaka Bank.
The announcement followed approval of the repayment plan from the government's Deposit Insurance Corp., the bank said.
In March 1999, Sumitomo Trust received 100 billion yen in taxpayer money from the government by issuing preferred shares, along with another 100 billion yen in return for subordinated bonds.
Sumitomo Trust received 100 billion yen from the government in 1998. It repaid the money in March 2003.
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