Chuo Mitsui's holding firm to be called Mitsui Trust Holdings.
Chuo Mitsui Trust & Banking Co. said Monday it will take the new corporate name of Mitsui Trust Holdings Inc. when its group banks adopt a holding company structure on Feb. 1 next year.
The holding company will have a capital of 260 billion yen, the bank said in a statement. It and Chuo Mitsui's wholly owned subsidiary, Sakura Trust & Banking Co., will call themselves the Mitsui Trust Financial Group, it said.
Under the corporate transformation plan, one Chuo Mitsui share will be exchanged for one Mitsui Trust Holdings share on Jan. 31. On the same day, the new holding company will debut on the Tokyo Stock Exchange, the Osaka Securities Exchange and the Nagoya Stock Exchange.
Chuo Mitsui itself will be delisted on Jan. 25 next year -- six days before the listing of the shares of the new holding company.
The holding company will place the current corporate divisions of Chuo Mitsui and Sakura Trust under its wing.
The new holding company will hand over Chuo Mitsui's wholesale trust banking division to Sakura Trust. Chuo Mitsui President Kiichiro Furusawa has said the bank will ask business allies mainly from the Mitsui conglomerate to recapitalize it by 60 billion yen to 70 billion yen in total.
Sakura Trust will primarily handle trust banking business for corporate customers, while Chuo Mitsui will continue to conduct banking business for both corporate and individual clients as well as trust banking operations for individual customers.
Chuo Mitsui wants to prevent corporate clients from deciding against entrusting pension fund management to its group by making Sakura Trust into the wholesale trust banking arm with an asset portfolio free of the taint of bad loans, banking analysts said.
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|Publication:||Japan Weekly Monitor|
|Date:||Dec 3, 2001|
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