Exclusive: An 'industry custom' - Little-known fees help Japan trust banks dominate profitable niche market

  • 📰 Reuters
  • ⏱ Reading Time:
  • 35 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 17%
  • Publisher: 97%

Ireland News News

Ireland Ireland Latest News,Ireland Ireland Headlines

When Japan's Honda Motor Co Ltd stopped using Sumitomo Mitsui Trust Bank Ltd as its stock transfer agent last year, the lender slapped it with a roughly $4 million termination fee, according to two people familiar with the matter.

TOKYO - When Japan’s Honda Motor Co Ltd stopped using Sumitomo Mitsui Trust Bank Ltd as its stock transfer agent last year, the lender slapped it with a roughly $4 million termination fee, according to two people familiar with the matter.

Japan’s three largest trust banks, Sumitomo Mitsui Trust, Mitsubishi UFJ Trust and Banking Corp and Mizuho Trust & Banking Co Ltd, control at least 97% of the market, according to an internal bank document. “It’s not right to charge 2,000 yen for doing nothing. Any way you look at it, it’s a barrier to entry and in violation of anti-trust laws,” said one executive at a major manufacturer. He and other sources declined to be identified because the information isn’t public.

Mitsubishi UFJ Trust said that in general, administrative fees are determined after discussions with the client. Mizuho Trust said there are cases where it spelled out the fees in contracts.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Couple of months ago I came across a recommendation about Dennis66536 wealth how he helped investors to earn lots of money with their investments. and I decided to give a trial with the little I have. Now my little has turned into something great which was not my expectation

It has been an amazing journey with you Dennis66536 making money from the comfort of my home, I promise I was going to tell everyone about you. he a honest trustworthy reliable for he transaction Dennis66536

I am looking for new, good friends

always thanking God for using Evely_morris to save me and my family all the losses we experienced.She have helped me to recover my lost weight thanks a lot Ma for your good work Evely_morris

“My Dad (Jawar Mohammed) is on his 17th day of a hunger strike after being unlawfully detained in Eth. for 7 months & counting.” Oromo Jawar FreeJawarMohammed Starvingforjustice OromoProtests POTUS KamalaHarris amyschumer SecBlinken JosepBorrellF EU_Commission

It's boring to sit at home alone, looking for someone to spend time with

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in İE

Ireland Ireland Latest News, Ireland Ireland Headlines