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Japan's Sumitomo Trust and Banking and Chuo Mitsui Trust Holdings said on Friday they are in talks to merge, as the two mid-sized banks aim to win more business in the world's second-biggest economy.
The Nikkei business said an announcement would come on Friday, although the merger ratio would be decided at a later date following due diligence.
Sumitomo Trust, Japan's fifth-largest bank, and sixth-ranked Chuo Mitsui will first form a holding company in April 2011 and merge their trust banking businesses a year later, the paper said without citing sources.
The two will close a quarter of their branches, or 29 of their 118 offices, the Nikkei said.
"We will make an announcement as soon as something is decided," they both said in separate statements.
Sumitomo Trust last month bought Citigroup's [C
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] Japanese asset manager Nikko Asset Management for $1.2 billion as it attempts to increase its retail business.
Sumitomo Trust and Chuo Mitsui together will form a lender with 36.4 trillion yen ($401 billion) in assets, according to Thomson Reuters data.
Chuo Mitsui is about 30 percent owned by the government, which injected money as part of a bailout a decade ago.
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Data is a real-time snapshot *Data is delayed at least 15 minutes