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Sumitomo Mitsui Trust trades sideways as subsidiary leasing firm undergoes capital restructuring◇
Sumitomo Mitsui Trust Group, Inc. <8309> traded near the previous day's closing price. After the market closed on the 30th, the company announced a capital restructuring of its leasing subsidiary "Sumitomo Mitsui Trust Panasonic Finance Co., Ltd. (SMTPFC)," which is owned by Sumitomo Mitsui Trust Bank. The aim is to operate SMTPFC as a joint venture among three companies: Sumitomo Mitsui Trust Bank, Fuyo General Lease Co., Ltd. <8424>, and Yokohama Financial Group, Inc. <7186>. The anticipated shareholding ratio is 45% for Sumitomo Mitsui Trust Bank, 40% for Fuyo General Lease, and 15% for Concordia Financial.
Currently, Sumitomo Mitsui Trust Bank holds 84.9% of SMTPFC, with the remaining 15.1% held by Panasonic Holdings Corporation <6752>. The company name will be changed following the restructuring.
Source: MINKABU PRESS
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