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Japanese Trust Bank Formed By Bank, Insurer Consortium.

A consortium of major insurance companies and trust banks led by Nippon Life Insurance Co., Japan's largest life insurer, and including a unit of Germany's Deutsche Bank AG, has launched a joint venture, the Master Trust Bank of Japan Ltd.

The Master Trust Bank, which officially began operations May 9, is designed to tap a booming market in providing services to pension funds in Japan. It's also the only way that the participants could sidestep the regulatory barriers that foiled an earlier plan to form such a master bank.

The new trust bank will target opportunities to serve pension funds that have been given greater leeway in managing funds. Pending legislation would create a market for defined-contribution pension plans, similar to 401(k) plans in the United States.

The Master Trust Bank includes five major players: Nippon Life recruited Mitsubishi Trust & Banking Corp., Toyo Trust & Banking Corp., Meiji Life Insurance Co. and a lone foreign bank, Deutsche Bank.
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Title Annotation:Master Trust Bank of Japan
Comment:Japanese Trust Bank Formed By Bank, Insurer Consortium.(Master Trust Bank of Japan)
Publication:Best's Review
Article Type:Brief Article
Geographic Code:9JAPA
Date:Jul 1, 2000
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