Sumitomo Mitsui Trust to Convert Leasing Unit into Joint Venture
Sumitomo Mitsui Trust (TYO:8309) has signed a definitive agreement to convert Sumitomo Mitsui Trust Panasonic Finance (SMTPFC) into a joint venture with Fuyo General Lease (TYO:8424) and Yokohama Financial (TYO:7186), effective Oct. 1.Following the transaction, SMTPFC will be renamed SMTB Leasing and will become an equity-method affiliate of Sumitomo Mitsui Trust Bank, which will hold 45% while Fuyo Lease and Yokohama will own 40% and 15%, respectively.Sumitomo Mitsui Trust Bank will transfer shares worth approximately 53.3 billion yen, reducing its stake from 84.9% to 45%, while Panasonic (TYO:6752) will exit entirely.The company expects to record a loss on the share transfer of roughly 14 billion yen for the fiscal year ending March 31, 2027, though its full-year earnings forecast remains unchanged.
