Mizuho & SMTH to Merge Custodian Units, Implying the End of Japanese Trust Banking Business Mode
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...
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