Japan's Mizuho Financial Group Inc. and Sumitomo Mitsui Trust Holdings Inc. plan to establish a new holding company to control Mizuho Financial unit Trust & Custody Services Bank Ltd. and Sumitomo Mitsui Trust unit Japan Trustee Services Bank Ltd., The Nikkei reported March 26.

The new company will be named JTC Holdings, under which the two trust bank units will merge in 2021, the publication said.

Both companies, however, clarified in separate March 27 releases that they have made no announcements regarding the matter.