Chuo Mitsui Trust has hired Nomura Holdings and JP Morgan Chase to advise it on its planned merger with Sumitomo Trust and Banking, reported Reuters citing people familiar with the matter. Sumitomo Trust and Banking has hired Daiwa Securities SMBC and UBS AG to advise it on the transaction.
Earlier, it has been reported in Nikkei Daily that Chuo Mitsui intends to repay about $2.18 billion in public funds before merging. Sumitomo Trust will be the surviving firm, with the new entity including both Sumitomo and Mitsui names.
Based on figures as of June 30, 2009, combinedly the firms had JPY36.3 trillion assets. Reportedly, this merger is going to create a major banking group just behind Resona Holdings, which had JPY39.8 trillion assets as of the end of June.
Both the firms aim to complete the merger by April 2012.
