Daiwa Bank and Sumitomo Trust & Banking Co. announced Tuesday that they have set up a new trust bank specializing in the administration of pension funds and other assets.
The new bank, called Japan Trustee Services Bank, is capitalized at 50 billion yen, with the two banks holding an equal stake in the joint venture.
Yoshikazu Matsuda, currently managing director of Daiwa, assumed the presidency of the new trust bank.