Sumitomo Trust & Banking Co has entered an agreement with Japan Securities Agents to establish a joint venture to provide IT systems development/management and data processing for stock transfer agencies.
The joint venture company, due to commence operations on 1 October, 2002, will be called Japan TA Solutions.
Under the agreement, Sumitomo Trust will transfer its related data processing operations to Japan TA Solutions and take an 80 per cent stake in the company. Japan Securities Agents will hold the remaining 20 per cent shareholding.
Masanori Shirakawa from Sumitomo Trust has been appointed to the board of the joint venture company, sitting alongside two other directors from Sumitomo Trust and one from Japan Securities Agents.
In a statement, Sumitomo Trust says it will continue to undertake contracts and business promotion with client companies and shareholders and their transfer agency agreements with the bank will not be modified.