SMBC President and CEO Yoshifumi Nishikawa announced today that SMBC has obtained regulatory approval to engage in trust business and that SMBC will begin offering trust services for customers from October 22, 2002.
SMBC plans agreements with three trust banks, Chuo Mitsui Trust and Banking Corporation, Mitsui Asset Trust and Banking Corporation, and with Sumitomo Trust and Banking Corporation. Under the anticipated agreements, SMBC will provide their specialised fiduciary services, including pension trusts and stock transfer agency services.