Among Japanese Banks, Unwinding of Cross-Held Shares Should Benefit Sumitomo Mitsui Trust Most

Like State Street and Bank of New York Mellon in the US, which compete with custodian businesses inside larger US banks like J.P. Morgan, Sumitomo Mitsui Trust Holdings' main competitors are the trust-bank units of Japanese megabank groups Mitsubishi UFJ and Mizuho. Given its shared connections to the Sumitomo and Mitsui keiretsu corporate networks, SMTH's business portfolio would be a good match for Sumitomo Mitsui Financial Group, but SMTH and SMFG do not have any capital connection despite the common name.