Mizuho & SMTH to Merge Custodian Units, Implying the End of Japanese Trust Banking Business Model
Mizuho Financial Group and Sumitomo Mitsui Trust Holding have entered into an official agreement to merge their custodian units. The form of the planned merger does not contain any surprises for us and we plan to maintain our no-moat rating and fair value estimates for both banks. Nonetheless, we welcome the announcement because the limited scope of their overlapping customer bases is likely to provide more operating leverage to a new custodian bank. Under the current proposal, an interim holdin...Sumitomo Mitsui Trust Holdings is a holding company engaged in the management of Sumitomo Mitsui Trust Group Companies. Co.'s main business activities are banking, asset management and administration, and real estate. Co.'s banking business offers retail banking services throughout Japan; wholesale banking services to corporate clients; and marketable financial products for investment and risk management needs Co.'s asset management and administration business provides various products including pension plan for institutional investors and investment trusts primarily for individual clients. Co.'s real estate business offers a full line of real estate related transaction services.
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