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Business

Japanese banks eye cross-group custody services merger

Mizuho, Sumitomo Mitsui Trust set to create dominant domestic player this year

Sumitomo Mitsui Trust Holdings and Mizuho Financial Group, two of Japan's top banking groups, plan to combine their custody services businesses this year.

TOKYO -- Mizuho Financial Group and Sumitomo Mitsui Trust Holdings have entered talks to combine their custody services operations, crossing group lines as extremely low interest rates force the industry to compensate for low profits with high volume.

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