Sumitomo Mitsui Trust Holdings Inc. made changes to its structure and at unit Sumitomo Mitsui Trust Bank Ltd., effective April 1.
Sumitomo Mitsui Trust will set up a research department to analyze macroeconomic conditions. The company will also establish an asset management business planning department to supervise the business across the group, which will fall under the corporate planning department.
The group will also set up a corporate secretariat to better support the board of directors. Meanwhile, the fiduciary duties planning and promotion department will be expanded and its functionality will be enhanced.
Changes made at Sumitomo Mitsui Trust Bank include renaming the retail financial services business as retail total solution services business, and the wholesale financial services business to wholesale total solution services business.
The bank will also enhance its asset management business by setting up the wholesale asset management business. To boost regional business, the bank will set up a regional revitalization planning and promotion department.
Additionally, the bank will establish a corporate secretariat to support the board, and will expand the functions of the fiduciary duties planning and promotion department.