Deals
Sumitomo Mitsui Trust Targets $129 Million European Acquisition
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Sumitomo Mitsui Trust Holdings Inc., the Japan’s fourth-biggest lender by market value, may spend as much as 10 billion yen ($129 million) to buy a European asset manager as the region’s financial firms weather its debt crisis.
The bank, created via merger of Sumitomo Trust & Banking Co. and Chuo Mitsui Trust Holdings Inc. in April, plans to boost assets under management by 7 percent to 63 trillion yen by March 2016, Hitoshi Tsunekage, chairman of the company, said in an interview on Dec. 28.