Merger creates Japan's biggest trust bank

Three Japanese trust banks have been merged last Sunday to create the nation 's biggest trust bank.

Sumitomo Mitsui Trust Bank Ltd has been launched after the merger of the Sumitomo Trust & Banking Co., Chuo Mitsui Trust and Banking Co. and Chuo Mitsui Asset Trust and Banking Co.

It will operate under the wing of Sumitomo Mitsui Trust Holdings Inc.

Incidentally, fixing a computer system malfunction at some of its ATMs became the first order of business for the merged bank.

The trust bank said the ATM glitch was cleared around 2:30 p.m. after it had prevented about 10 payments being made by bank transfer using cash cards from the morning.

The bank said the glitch affected transactions using former Chuo Mitsui Trust and Banking's cash cards at its ATMs from around 9 a.m. It is still looking into the cause of the problem.

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