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Sumitomo Mitsui Financial to charge fees for some accounts of overseas banks

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Sumitomo Mitsui Financial to charge fees for some accounts of overseas banks

Sumitomo MitsuiFinancial Group Inc. plans to charge fees for some yen-denominated accountsof overseas banks as the Japanese megabank copes with the central bank's negativeinterest rate policy,Bloomberg News reported April 5, citing a spokesman for the bank.

The Japanese lender will apply fees to correspondent accountsof foreign banks with balances exceeding a certain level, the spokesman said. Asmall number of accounts will be affected, he said.

The two other Japanese megabanks, Mitsubishi UFJ Financial Group Inc. and , are consideringa similar move, spokesmen for the lenders said. Three major trust banks are alsolooking to charge trust account fees to some institutional investors.