Chuo Mitsui Trust and Banking Co. announced Friday it will reorganize its trust operations and seek capital injections of between 60 billion yen and 70 billion yen from other members of the Mitsui group.
"Strengthening our financial base is the first step toward future reorganizations or mergers," said Chuo Mitsui President Kiichiro Furusawa at a news conference.
In a bid to stay alive, Chuo Mitsui will divide its wholesale and retail trust operations by transferring its wholesale businesses to subsidiary Sakura Trust & Banking Co. before March.