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.
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