Sumitomo Mitsui Trust Says Kitamura to Be President in April

Sumitomo Mitsui Trust Holdings Inc., created from the merger of Sumitomo Trust & Banking Co. (8403) and Chuo Mitsui Trust Holdings Inc. (8309) in April, said it named Vice President Kunitaro Kitamura, 59, as president, replacing Kazuo Tanabe, 66, who will become an adviser.

Hitoshi Tsunekage, 57, will be president for the holding company’s trust bank unit when the merger is completed next April, the bank said in a Tokyo Stock Exchange statement today.

The new lender at the time of the agreement said it aims to almost double net income in five years compared with the two banks’ combined projections via cost cuts and integration savings totaling about 56 billion yen ($721 million) annually. The merger was the biggest among Japanese banks since the creation of Mitsubishi UFJ Financial Group Inc. in 2005.

To contact the reporter on this story: Takako Taniguchi in Tokyo at ttaniguchi4@bloomberg.net.

To contact the editor responsible for this story: Chitra Somayaji at csomayaji@bloomberg.net.

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