Four Japanese financial institutions have teamed up with Deutsche Bank AG to acquire DMG Trust Bank, a Deutsche Bank subsidiary, with the intention of turning it into Japan's first trust bank specializing in administering corporate pension funds, company officials announced Tuesday.
The group -- comprising the German banking giant, Mitsubishi Trust & Banking Corp., Nippon Life Insurance Co., Toyo Trust & Banking Co. and Meiji Life Insurance Co. -- obtained approval from the Financial Supervisory Agency the same day to change the title of DMG Trust Bank to Master Trust Bank of Japan, the officials said.
The bank's capitalization, now at 2 billion yen, will be beefed up to 10 billion yen by June, they added.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.