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Finance

Mitsubishi UFJ Trust to buy trust bank for credit associations

TOKYO -- Mitsubishi UFJ Trust and Banking will ink an agreement as early as Monday to acquire the trust bank owned by Shinkin Central Bank, part of the financial-industry shifts caused by the Bank of Japan's negative-rate policy.

The purchase of Shinkin Trust, estimated to cost more than 10 billion yen ($95.4 million) at the most, is set to conclude by next summer. The Mitsubishi UFJ Financial Group unit plans to fully absorb operations of the target.

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