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Sumitomo Mitsui Trust to cut lending

Sumitomo Mitsui Trust Holdings Inc. plans to cut both domestic and overseas lending as it looks to increase its focus on trust banking, The Nikkei reported Feb. 1.

The company is drawing up a five-year streamlining plan and the proposed cut in lending is part of the plan.

The group also recently said it was considering moving Sumitomo Mitsui Trust Bank Ltd.'s asset management operations to Sumitomo Mitsui Trust Asset Management in order to separate its banking and asset management businesses.