100 year anniversary commemorative

Message from the Presidents Celebrating 100 Years of Trusts and Our 100 Year Anniversary
This year, the Group celebrates its 100 year anniversary. In 1924, the year after the
Trust Act and the Trust Business Act came into force, Mitsui Trust became thefirst trust company in Japan to be established under the Acts, with Sumitomo
Trust established the following year in 1925.
Over the last 100 years, trusts have contributed to the development of Japan bymeeting the needs of clients and tackling social challenges through the power oftrusts. Since it was founded, the Group has taken on social challenges as a leading
trust group in Japan spurred on by the fiduciary spirit of trusts. We would like toexpress our sincere gratitude to our clients for their support, which has allowed us
to navigate the many turning points in our history and reach where we are today.
President Toru Takakura (left) and President Kazuya Oyama (right)
We have prepared a pamphlet that outlines the history of the Group in a concise
manner based on the history of each of the trust companies (Mitsui, Sumitomo, and Chuo) that constitute our current parent organization.
We also intend to compile our company history as part of our 100 Year Anniversary Project. We hope that reading about the history of trusts,
the evolution of the Group, and our initiatives for the future will help you to better understand the Group and the trusts that have accompanied you along the way.
We have adopted a new brand slogan “Trust for a flourishing future” to express the Group’s mission and intentions. We pledge to continue
being a company to which clients and society will entrust their hopes for the future over the next 100 years, and to continue taking on thechallenge of creating new value to this end, a goal that all of us in the Group will work hard to achieve. We look forward to your continued
support and guidance.
April 2024

Toru Takakura, Director, President of Sumitomo Mitsui Trust Holdings
Kazuya Oyama, Director, President of Sumitomo Mitsui Trust Bank
2

Contents

I The Roots/Founding of Trusts 

4II Our Present 

9

III Chronicle of 100 Years: Events in the 100-Year History of Trusts, 1922-2024 

14

IV Trust for a Flourishing Future 36

V Founding Prospectuses 

42

What is a Trust? 4
The Birth of Trust Companies 5Founding of the Mitsui Trust Co., Ltd. 6
Founding of the Sumitomo Trust Co., Ltd. 7
Founding of the Chuo Trust & Banking Co., Ltd. 8

Sumitomo Mitsui Trust Group’s Reason for Existence (Purpose) Rooted in Its Founding Spirit 9
Sumitomo Mitsui Trust Group’s Management Principles (Mission), Ideal Model (Vision),and Codes of Conduct (Values) 10
Overview of Sumitomo Mitsui Trust Group 12
Sumitomo Mitsui Trust Group’s Network 13

Our Aspirations for Trusts 36
Trust for a flourishing future “Brand Slogan & Brand Statement” 37
Creating a Vibrant and Bright Future and the Virtuous Circulation of Funds, Assets,
and Capital through the Power of Trusts 38
Diverse Products and Services That Cater to Various Stages of a 100-Year Life 40

The Continued Relevance of the Founding Prospectuses Today 42
The Mitsui Trust Co., Ltd. Founding Prospectus 43
The Sumitomo Trust Co., Ltd. Founding Prospectus 44
The Chuo Trust & Banking Co., Ltd. Founding Prospectus 46*1 All names and content are current as of the time this was written.
*2 In principle, descriptions will be effective until December 2023.

Ⅰ The Roots/Founding of Trusts

What is a Trust ?
As the word implies, a “trust” is a system in which individuals entrust their valuable assets to a trusted person
to be managed on their and their loved ones’ behalf inaccordance with the goal of the trust.
It is said that this concept first emerged within ancient
Roman law and eventually became entrenched as a custom in medieval England, where long wars were fought,
as knights who went to war began entrusting their territories to trusted people to be managed for the family
they were leaving behind.
Over time, this concept developed into the modern
trust system and came to be called a “trust” since its
structure was predicated on the “trust” between people.
The trust system was then utilized in the United Statesin the 19th century to raise funds for railroad construction and mine development, and it subsequently developed into a financial system in which the “settlor” (asset
owner) entrusts the management and disposal of theirassets to the “trustee” (trust company) for the benefit of
the “beneficiary” (the settlor, their loved ones, etc.).

■The Structure of a Trust

Trustee

Beneficiary(Client)

Transfer assets to the trustee
to manage/dispose of for the
benefit of the beneficiary

Settlor(Client)

4(Trust bank)

Manage/dispose of entrusted
assets according to the goal of
the trust and return profits tothe beneficiary

Trust

Beneficiary(Client)

The Birth of Trust Companies
While mutual aid schemes have existed in Japan for a longtime, trusts were first introduced to Japan from Europe andthe United States in the late Meiji period, with the full-scale
development of the trust system taking place following theenactment of the Trust Act and the Trust Business Act in1922.
In 1924, the Mitsui Trust Co., Ltd. was established as Japan’s
first trust company under the Trust Business Act, followed by
the Sumitomo Trust Co., Ltd. in the following year 1925,
marking the start of the history of two companies that would
later become a single company.
At this time, the government wanted trust companies to beestablished as non-profit, public-service asset management
institutions and believed that trust companies must be highly
credible as they manage assets based on the principle of trust.
Both companies were thus established as trust companies
backed by strong public confidence and a mission to serve society.

■European and American literature on trusts(Important Cultural Property)■Mitsui Trust Head Office Building, the Mitsui Main Building
Mitsui Trust had operated a temporary office in front of Hibiya Park since it was founded, but following the completion of the Mitsui Main Building (Nihonbashi, Tokyo) in March 1929, the company
relocated to the building in June of the same year. The Mitsui Main Building, a magnificent steelframed reinforced concrete structure designed in the style of American neoclassicism, housed theheadquarters of major companies that formed the Mitsui Zaibatsu and functioned as the base of
the zaibatsu, or business conglomerate.

■Sumitomo Trust Head Office Building, the Sumitomo Building
Sumitomo Trust was headquartered in the Bingomachi Branch of Sumitomo Bank when it was firstfounded, but following the completion of the second phase of construction of the former Sumitomo Building (Kitahama, Osaka) in 1930, the company relocated to the building in January 1931.
5

Ⅰ The Roots/Founding of Trusts

Founding of the Mitsui Trust Co., Ltd.
In 1924, the Mitsui Trust Co., Ltd. was established as a direct subsidiary of Mitsui Gomei Kaisha, with Takuma Dan(Director of Mitsui Gomei) as Chairman of the Board of
Directors and Umekichi Yoneyama (Mitsui Bank) as President & Representative Director.
Yoneyama’s original plan in pushing for the establishment of
Mitsui Trust was to set up a new trust company with thesupport of the entire business community and promote it bymobilizing the collective effort of the business community.
He believed that the pursuit of profit through competition
would hinder the sound development of trusts.
Mitsui Trust adhered to a policy of having as many people aspossible resonate with its goal through its extensive basethroughout Japan, and it widely invited various zaibatsu other than the Mitsui Zaibatsu to invest in the company andparticipate as representatives, allowing many influential figures in the business community outside the Mitsui Group to
be involved as promoters, officers, and shareholders.
Mitsui Trust commenced operations on April 15, 1924, with
“Dedication and Development” as its corporate motto. Thisis the origin of “Dedication and Development” (“We willremain dedicated in all our efforts, with ‘Frontier Spirit,’ andcontinue to contribute to society”) in our current Codes ofConduct (“Value”).

■Umekichi Yoneyama
Umekichi Yoneyama, the first President of Mitsui Trust, resigned from his position as Managing Director of Mitsui Bankand devoted himself to the establishment of the new trust
company. When Yoneyama learned of the existence of Rotary
Clubs during his visit to the United States while serving as thebank’s Managing Director, he was deeply awed by their dedication to public service and went on to establish a Rotary Clubin Japan in 1920. Yoneyama came into contact with the trust
business that had developed in Europe and the United States
during his several overseas tours and was convinced that sucha service was needed in Japanese society.

■Takuma Dan
Takuma Dan, the first Chairman of Mitsui Trust, wasappointed Director of Mitsui Gomei in 1914, andgrowing demand in the wake of World War I enabled him to expand Mitsui’s business into sectors
such as iron and steel manufacturing, shipbuilding,and chemical fertilizers. He also held important positions in the financial world, including as the first
Director of the Industry Club of Japan and the first
President of the Japan Economic Federation. He
was attacked and killed on the steps of the south
entrance to the Mitsui Main Building by a memberof the right-wing group Ketsumeidan (League ofBlood) in March 1932.

■Corporate emblem of Mitsui Trust
6

Founding of the Sumitomo Trust Co., Ltd.
Sumitomo Trust was established in 1925 and commenced
operations on September 2. Sumitomo requested Sumitomo
Bank to draft a proposal for the establishment of a trust
company, which was then approved by the Board of Directors of Sumitomo Bank and Sumitomo Goshi Kaisha. Oneof the reasons for the approval was Sumitomo’s commitment
to addressing the needs of society. Besides Sumitomo & Co.,
Ltd. and other Sumitomo affiliates, major shareholders of
the trust company at the time of its establishment included
Mitsui Gomei Kaisha, Yasuda Hozen-sha, Mitsubishi Goshi
Kaisha, and Nomura Gomei Kaisha. Kichizaemon Sumitomo (President & Director), the head of the Sumitomo family, and Shinichi Yoshida (Vice President & Managing
Director), who had served as Managing Director at Sumitomo Bank, were appointed as the first full-time representative
directors of Sumitomo Trust.
The trust company’s founding prospectus, which was filed in
April 1925, stated that “the trustee must fulfill their dutywith the utmost fidelity and integrity in order for the trust to
gain the confidence of others. In other words, the fundamental elements of a trust are confidence and integrity, and it
must naturally be the case that the trust system is the final
product of a credit system.” This is the origin of “Truthfulness and Loyalty” in our current Codes of Conduct (“Value”).

■Kichizaemon Sumitomo
Kichizaemon Sumitomo, the 15th head of the Sumitomofamily and the first President of Sumitomo Trust, strove toembody Sumitomo's business philosophy of prioritizing“publicness” and “humanity” as symbols of Sumitomo. Having been impressed on his tour of Europe and the UnitedStates in 1897 by European and American capitalists who
invested their private funds to undertake cultural and social
projects, he gifted Osaka Library (now Osaka Prefectural Nakanoshima Library) to the Osaka Prefectural Government in1904 by bearing the full cost of its construction and the purchase of books.

■Shinichi Yoshida
Shinichi Yoshida resigned from his position as Managing Director of Sumitomo Bank to become thefirst Vice President of Sumitomo Trust, where heserved as chief executive officer in practice by engaging in sound management and cautioning
against the mere pursuit of profit, until September
1927, when he was appointed Chairman. In the yearof the Great Kanto Earthquake, he implored thebanking industry to carry out reconstruction workwith determination and perseverance by looking
one hundred years into the nation's future.

■Corporate emblem of Sumitomo Trust
7

Ⅰ The Roots/Founding of Trusts

Founding of the Chuo Trust & Banking Co., Ltd.
Chuo Trust & Banking was founded under the banner of a “new trust bankthat contributes to the national economy” in the aftermath of the Ministry of
Finance’s policy of separating trust operations from banking operations. The
government had adopted a policy of separating trusts from city/regional banks
and having trust banks, whose primary business was trust operations, meet thefinancing needs of corporations. As trust banks were forced to choose between
the two businesses, Tokai Bank decided to carve out its trust business. Upon
learning of its decision, the Industrial Bank of Japan approached the threecompanies of Nikko Securities, Yamaichi Securities, and Daiwa Securities forcollaboration, while also bringing in Japan Securities Agents, which was joinedby Daiichi Trust Bank.
As a result, Chuo Trust & Banking was established in 1962 through a mergerof the trust divisions of Tokai Bank and Daiichi Trust Bank with the securities
transfer agency division of Japan Securities Agents, with the support of theIndustrial Bank of Japan and the three companies of Nikko Securities, Yamaichi Securities, and Daiwa Securities, as well as Daiichi Bank, and commenced
operations on August 1. President of Japan Securities Finance Kiyoka Shirane,
who had called for the establishment of securities trust banks, served as thecompany’s first President.
Subsequently, on the occasion of the 25th anniversary of its founding in 1987,
Chuo Trust & Banking established “For a bright future—the square for trustand creativity” as its corporate slogan. This is the origin of “Trust and Creativity” (“We will realize our organizational capabilities with full of mutual trustand creativity through improvement by mutual learning and continuous personal transformation of various people who share the enthusiasm for trusts”) in
our current Codes of Conduct (“Value”).
8■Kiyoka Shirane
Kiyoka Shirane, the first President of Chuo Trust & Banking, served as President of Japan Securities Finance (an organization specializing in securities
finance) from 1950 to 1962, when Chuo Trust & Banking was established.
During this period, he proposed the concept of securities trust banks to the
Ministry of Finance. He believed the establishment of independent institutions that handle a wide range of securities services would lead to the rationalization and expansion of the securities market. While many in the
securities industry had looked forward to this proposal, it never materialized
due in part to the ongoing restructuring of existing trust banks.

■Original corporate emblem of Chuo Trust & Banking at the point of
its founding
A representation of the Japanese kanji character “chu” (center) found in thewords “chuo” (central), “chusei” (fairness), and “chuyo” (moderation)

Ⅱ Our Present

Sumitomo Mitsui Trust Group’s Reason for Existence (Purpose) Rooted in Its Founding Spirit
Sumitomo Mitsui Trust Group defines its reason for existence (purpose) as “Trust for a flourishing future,” and has established the balanced creation of both social value and economic value as the cornerstone of its management. Based on the Group’s client-oriented philosophy that hasremained unchanged since it was founded, we recognize that our mission is to take responsibility for the next generation as the best partner thatis most trusted by our clients and to build a society that is even more responsive to change. We also believe that by actively contributing to tacklingsocial challenges, we will be able to grow in a sustained manner. The founding philosophy cherished by each of our predecessor companies still
underpins the pupose of Sumitomo Mitsui Trust Group today.

Reason for Existence (“Purpose”)
Trust for a flourishing future

Truthfulness
and Loyalty

Trust andCreativity

Dedication andDevelopment

Self-help and
Self-discipline

Truthfulness and Loyalty

Dedication and Development

Founding Prospectus of
the Sumitomo Trust andBanking Co., Ltd.

The Founding Spirit of the Mitsui
Trust and Banking Co., Ltd.

Trust and Creativity

Self-help and Self-discipline

Corporate Slogan of the Chuo Trustand Banking Co., Ltd.

The fundamental philosophy that
supports the Group’s independent
management

Future Bloom
9

Ⅱ Our Present

Sumitomo Mitsui Trust Group’s Management Principles (Mission), Ideal Model (Vision),and Codes of Conduct (Values)
Sumitomo Mitsui Trust Group was established in 2011, and as the only specialized trust bank group in Japan, we seek to fulfill our social responsibility and public mission while strengthening our expertise and comprehensive capabilities across broad-ranging business areas.

Management Principles ("Mission")(1) Swiftly provide comprehensive solutions to our clients by fully utilizing the significant expertise and comprehensive
capabilities.
(2) Adhere to the principles of sound management based on a high degree of self-discipline with the background of fiduciary spirit and establish strong credibility from society.
(3) Strive to fulfill all shareholder expectations by creating distinct values through fusing the various functions featuring
the trust bank group.
(4) Offer a workplace where the diversity and creativity of its employees are more fully utilized to add value to the organization and where employees can have pride and be highly motivated in fulfilling their missions.

Ideal Model ("Vision") -Towards "The Trust Bank"Based on the fiduciary spirit and with significant expertise and comprehensive capabilities, Sumitomo Mitsui TrustGroup will create distinct values by leveraging a new business model, combining its banking, asset management andadministration, and real estate businesses, and will move onto the global stage as a leading trust bank group whichboasts the largest and highest status in Japan.

10Codes of Conduct ("Value")
In order to pursue the Management Principles of Sumitomo Mitsui Trust Group, the executives and employees commit
themselves to comply with the six Codes of Conduct described below.
Completely Client-oriented—Truthfulness and Loyalty

We will adhere to the highest degree of “Truthfulness and Loyalty” as well as credibility and sureness, and will carry out all our responsibilities for client satisfaction
and comfort as our top priority.

Contribution to Society—Dedication and Development

We will remain dedicated in all our efforts, with “Frontier Spirit," and continue tocontribute to society.

Realization of Organizational
Capability—Trust and Creativity

We will realize our organizational capabilities with full of mutual trust and creativity through improvement by mutual learning and continuous personal transformation of various people who share the enthusiasm for trust.

Establishment of individuality—Self-help and Self-discipline

With a spirit of self-help and self-discipline as well as sense of ownership, we will
carry out our responsibilities．

Strict Compliance with Applicable
Laws and Regulations

We will strictly comply with all applicable laws, rules and regulations, and will ensure that all our corporate activities meet the highest standards of social norms.

Resolute Stance against
Antisocial Forces

We will continue to take a resolute stance against antisocial forces, which may
threaten public order and the security of civil society.

11Ⅱ Our Present

Overview of Sumitomo Mitsui Trust Group
Sumitomo Mitsui Trust Group aims to contribute to the growth of society through the virtuous circulation of funds while providing optimal
solutions as the best partner of clients by leveraging the comprehensive capabilities unique to a trust bank group through mutual collaboration
among its many group companies in areas such as banking, asset management and asset administration, and real estate operations.
(as of December 31, 2023)

Main subsidiaries of Sumitomo Mitsui Trust Holdings (“SuMi TRUST Holdings”)

Listed company[60 consolidated subsidiaries; 30 equity-method affiliated companies]
100％
84.8％

100％

100％
100％
34.1％

100％
100％
100％
Financial holding company:
Role in the Group management

49％
33.3％

*Ratio of ownership of voting rights is shown in %, including indirect ownership via subsidiaries.

12

Sumitomo Mitsui Trust Group’s Network
In Japan, Sumitomo Mitsui Trust Group has established a well-balanced branch network, mainly in the Tokyo metropolitan area, the Kinki region,and the Chubu region. Internet banking services provided by Sumitomo Mitsui Trust Bank and SBI Sumishin Net Bank via the Internet cover
the entirety of Japan. Internationally, we have established business locations in major markets and are working to expand our global presence
through alliances and partnerships with local financial institutions and investment institutions.
(As of December 31, 2023)

Hokkaido,
Tohoku, Chugoku,
Shikoku, Kyushu

33

Sumitomo
MitsuiTrust Bank’s
BranchNetwork

Chubu Region

21

The Tokyo
metropolitan
area●New York Branch★Sumitomo Mitsui Trust Asset Management Americas, Inc.
★Sumitomo Mitsui Trust Bank (U.S.A.) Limited★Nikko Asset Management Americas, Inc.
■Midwest Railcar Corporation★SuMi Trust Consulting (Beijing) CO., Ltd.
◉Beijing Representative Office (Banking Business)◉Beijing Representative Office (Securities Business)

21

branches

Kinki Region
branches★Sumitomo Mitsui Trust (Ireland) Limited●London Branch★Sumitomo Mitsui Trust International Limited★Nikko Asset Management Europe Ltd.
★Sumitomo Mitsui Trust Bank (Luxembourg) S.A.

■BIDV-SuMi TRUST Leasing Co., Ltd.
★Sumitomo Mitsui Bank (Thai)
Public Company Limited

72◉Seoul Representative Office■Zijin Trust Co., Ltd.
■Nanjing Zijin Financial Leasing Co., Ltd.
●Shanghai Branch●Hong Kong Branch★Sumitomo Mitsui Trust (Hong Kong) Limited■Rongtong Fund Management Co., Ltd.

branchesbranches*The total number of branches in actual terms (including branches in the same location) is 114. In
addition, Sumitomo Mitsui Trust Realty has 72
business locations across Japan.

★Nikko Asset Management New Zealand Limited◉Sidney Representative Office●Overseas Branches (SuMi TRUST Bank)◉Oveaseas Representative Offices (SuMi TRUST Bank)★Subsidiaries ■Key Affiliates◉Jakarta Representative Office●Singapore Branch★Sumitomo Mitsui Trust Leasing (Singapore) Pte. Ltd.
★Nikko Asset Management Asia Limited■AHAM Asset Management Berhad

13

Ⅲ Chronicle of 100 Years: Events in the 100-Year History of Trusts, 1922-2024> From the founding of the first trust company to the eve of World War II
Year

Month Group-Related Matters

1922
1923
1924
1925

1926

1927
1928
1929

1931

1933

1937

Month Events in the Industry and Society

Apr. Trust Act and Trust Business Act promulgated (effective Jan. 1923)
Sep. Great Kanto Earthquake
Mar. The Mitsui Trust Co., Ltd. established (Mar.
25; started operations on Apr. 15)
Mar. Start of sales under the first residential landsales project in Azabu Kogai-cho (present-day
Nishiazabu, former residence of painter Viscount Kuroda Seiki) <M>
Jul. The Sumitomo Trust Co., Ltd. established (Jul.
28; started operations on Sep. 2)
Apr. Umekichi Yoneyama, President of Mitsui
Trust, delivered a speech on radio about
trusts as Chairman of the Trust Companies Association of Japan
Aug. Tokyo Branch opened <S>
Sep. Osaka Branch opened <M>

May Kyosai Trust established (renamed Yasuda
Trust in Feb. 1926)
Jul. Tokyo Broadcasting Station opened, startof radio broadcasts

Dec. Death of Emperor Taisho, start of the
Showa era

Mar. Mitsubishi Trust established (started operations in Apr.)

Dec. Fukuoka Branch opened <S>
Jun. Mitsui Trust Head Office relocated (to the Oct. New York stock market crashed, start of
Mitsui Main Building in Nihonbashi, Tokyo),
the Great Depression (spreading to Japan
started providing custody services
the following year and sparking the Showa
Jun. Start of will execution services for assets
Depression)<M>
Jan. Sumitomo Trust Head Office relocated (to Sep. Mukden incident
the Sumitomo Building in Kitahama, Osaka),
started providing safe deposit box services
Apr. Independent execution of the Nangoyama
residential land development project (Nishinomiya City) <S>— Made decision to underwrite Iwaki Cement’s
secured bond trust under Japan’s first openend mortgage system <M>
Jul. Start of the Second Sino-Japanese War
Sep. Temporary Fund Adjustment Act promulgated and came into force*<M> Mitsui Trust; <S> Sumitomo Trust

14

The Great Kanto Earthquake struck in September 1923, theyear in which the Trust Act and the Trust Business Act cameinto force and preparations were underway for Mitsui and
Sumitomo to establish trust companies. The Tokyo area suffered devastating damage and was plunged into chaos. The
earthquake made Umekichi Yoneyama, founder of Mitsui
Trust, keenly aware of the need for a trust company whose
mission was to administer assets.
(Photo: People rushing to Shinagawa Station to flee Tokyo
after the earthquake/ “The Great Kanto Earthquake Album”)■Advertisements during the launch of the trust companies

■Pamphlets about money trusts, the main product in the early days
In the early days of trusts, funds flowed from time deposits at banks to the money
trusts of trust companies, resulting in a phenomenal growth in balances. This wasdue not only to favorable yields but also to the creditworthiness of trust companies that were established under the Trust Business Act.
■Pamphlet about the housing business
Before World War II, the trust companies were engaged in residential land development and the
housing business in addition to real estate management. Mitsui Trust developed a unique method for owners of large land areas who had trouble
finding buyers as their land was too large by subdividing the land into lots and selling individuallots to members of the general public who wanted to build houses. It worked on a project in Azabu Kasumi-cho alongside Sumitomo Trust.

■Vault for custody services
Construction of the Mitsui Main Building was completed in 1929. Mitsui Trust installed a vault madeby Mosler Safe Company, the world’s foremost authority on safe deposit boxes, on B1F and started
providing safe deposit box and custody services (left). The vault’s large door was equipped with astate-of-the-art timed lock, so that once the door was closed and locked after business hours, it
could not be opened until the next business day. Sumitomo Trust also installed a robust safe deposit box when it relocated to the former Sumitomo Building in 1931 (right).

■Sumitomo Trust’s first branch,
Tokyo Branch (Nihonbashi, 1926)■Odawara Express Railway’s secured bonds entrusted to Mitsui
Trust (1934)
Mitsui Trust was engaged in the underwriting of securities before
World War II, including by allocating funds acquired through highyield money trusts to corporate bond investments.
15

Ⅲ Chronicle of 100 Years: Events in the 100-Year History of Trusts, 1922-2024> War, defeat, and a fresh start as trust banks
Year

1938
1939
1940
1941
1943

1944
1945

1946
1947

1948

1949
1950

1951

16

Month Group-Related Matters

Month Events in the Industry and Society

Apr. National Mobilization Law promulgated (effective May)
Sep. Start of World War II— Nagoya Branch opened <M/S>— Fukuoka Branch opened <M>, Kyoto Dec. Start of the Pacific War
Branch opened <S>
Mar. Law on Concurrent Operation of Savings Bank Businessor Trust Business by Commercial Banks, etc. (Concurrent
Operation Law) promulgatedJan. System of designated financial institutions for the financing of the military establishedJun. Fukuoka Branch burned down in an air Aug. End of the Pacific War
raid <M>
Nov. Dissolution of zaibatsu (business conglomerates) ordered by the General Headquarters of the Supreme Commander for the Allied Powers (GHQ)Mar. Designated as restricted companies Feb. Start of currency conversion for the Japanese yen (to<M/S>combat inflation)
Mar. Securities and Exchange Act promulgated (revised Apr.
1948, effective May)
Dec. Temporary Interest Rate Adjustment Act promulgatedand came into force
Jun. Restructuring and improvement plan Jun. Financial Control Bureau of the Ministry of Finance isapproved <M/S>
sued guidance to trust companies on the approval policy
Aug. Mitsui Trust renamed Tokyo Trust &for concurrent operation of banking businessBanking, Sumitomo Trust renamed Fuji
Trust & Banking, started providing banking services
May Listed on the Tokyo Stock Exchange
and Osaka Securities Exchange<M/S>
Apr. Started providing foreign exchange Apr. Designated as Class B foreign exchange banks andamong the four major trust banks
services <M/S>
May Revised Commercial Code promulgated (effective Jul.
1951), stock transfer agent system establishedJun. Start of the Korean War
Jun. Started providing securities invest- Jun. Securities Investment Trust Act promulgated and cameinto force
ment trust services
Sep. Signing of the Treaty of San Francisco (Japan-U.S. Peace
Treaty)■Poster announcing the opening of Mitsui
Trust’s Nagoya Branch■Pamphlet during World War II(Sumitomo Trust)■Poster during World War II (Mitsui Trust)
In 1937, the Second Sino-Japanese War broke out and Japan
entered its wartime regime. In order to finance the war effort
and ramp up military production, the government pursued
a policy of increasing national savings, with trust companies
opening branches in major cities in rapid succession.

The protracted war ended in August 1945 with Japan’s defeat. Under therule of the General Headquarters of the Supreme Commander for the Allied Powers (GHQ), demilitarization and democratization, including thedissolution of zaibatsu (business conglomerates), proceeded.
With the collapse of the war economy, trust companies, which had played
a vital role as wartime financial institutions, were forced to reform theirstructure. In August 1948, trust companies changed their trade names toerase any hint of their former status as zaibatsu and started to provide
banking services. This marked a fresh start for trust companies as trustbanks.

■Tokyo’s scorched landscape (U.S. Army photo)■Nagoya Branch during the era of Tokyo Trust &Banking (Mitsui Trust)■Fuji Trust & Banking Head Office at the time ofits establishment (Sumitomo Trust)■Pamphlet entitled “Recommendations for Managed Securities Trust”
The field of securities administration, which had played an important role in the prewar years, gained significant traction afterWorld War II. Following the outbreak of the Korean War in 1950,
the Securities Investment Trust Act was promulgated and cameinto force in 1951 amid a recovery in the stock market due to a
special procurement boom, and trust banks also started to provide custody services for securities investment trusts. Subsequently, trust banks developed a management system for trust
property and laid the foundation for their position as key players
in today’s investment trust custody services business.
17

Ⅲ Chronicle of 100 Years: Events in the 100-Year History of Trusts, 1922-2024> Postwar reconstruction, restoration of company names, and the birth of loan trusts
Year

Month Group-Related Matters

1952

Jun. Renamed Mitsui Trust and Banking, Sumi- May Cabinet Order on Prohibition of Use of Zaibatsu
tomo Trust and Banking (restoration ofTrade Names repealed
company names)
Jun. Loan Trust Act promulgated and came into force
Jun. Started offering loan trusts
Aug. Japan joined the International Monetary Fund(IMF) and the International Bank for Reconstruction
and Development (World Bank)
Feb. Start of NHK TV broadcasts
Jul. Korean Armistice Agreement signed
Aug. Income tax on interest on deposits subject toseparate withholding tax (Revised Act on Special
Measures Concerning Taxation)
Sep. Act on Prohibition of Private Monopolization and
Maintenance of Fair Trade revised and promulgated(easing of restrictions on corporate shareholdings,
mergers, etc.)— Funds in loan trusts exceeded ¥10 billion Apr. Foreign Exchange Bank Act promulgated andcame into force<M/S>
Oct. Ministry of Finance made decision to separate
banks and trust banks
Dec. Entrusted with specified money trusts for Sep. Japan joined the General Agreement on Tariffs
and Trade (GATT)
accumulation of U.S. film profits <M/S>

1953

1954

1955

■Advertisements for initial offering of loan trusts
18

Month Events in the Industry and Society■Advertisements on the restoration of company names■Advertisements for 5th offering of loan trusts

■Various pamphlets (1950s and 1960s)■Advertisement for loan trusts (Shibuya Branch,
Sumitomo Trust and Banking)■Signboard for loan trusts (Nagoya Branch, Mitsui Trust and Banking)In 1952, GHQ gave its approval for the use of zaibatsu trade names, and inJune of the same year, trade names for the trust companies were respectively
restored to Mitsui Trust and Banking and Sumitomo Trust and Banking.
Japan was in the midst of postwar reconstruction and needed a funding
mechanism to directly support the funding of urgent and essential equipment such as electric power development and shipbuilding. In response tothis, the trust industry developed its proprietary product, loan trusts. Loantrusts were launched at the same time as the restoration of company names
and gained popularity as good investment products that were lucrative, safe,
and convenient (anonymous). Through these loan trusts, trust banks became
powerful providers of funding for equipment to support Japan’s postwar reconstruction efforts and rapid economic growth.
19

Ⅲ Chronicle of 100 Years: Events in the 100-Year History of Trusts, 1922-2024> Rapid economic growth and the development of social welfare
Year

Month Group-Related Matters

1956

Nov. Entrusted with Japan’s first movable equip- Mar. Money trusts with profit transfer from loan trusts estabment trust <M: Teito Rapid Transit Authority>
lishedNov. Announced entrustment of Japan’s first roll- Jun. Act on Establishment of the Financial System ResearchCouncil promulgated and came into force
ing stock trust <S: Odakyu Electric Railway>
Jul. Economic white paper “Growth and Modernization of
the Japanese Economy” released (growing recognition
that Japan was “no longer in the postwar era”)
Dec. United Nations General Assembly approved Japan’s admission to the United Nations
Mar. Entrusted with the first retirement pension Sep. Trust Companies Association of Japan submitted a retrust <S: Former Shinagawa Refractories>
quest regarding retirement pension programs to all parties concerned
Nov. Started providing stock transfer agency ser- Dec. Tokyo Tower completed
vices
Apr. National Pension Act promulgated (effective Nov.)
May Start of TV commercials by Trust Companies Association of Japan
Nov.Toyo Trust and Banking established (started operationsin Dec.)Jun. Entrusted with Japan’s first vessel trust <M> Dec. Cabinet approved the Income Doubling Plan
Nov. Launched the Living Plan (a pioneer inmortgage loans) <M>
May Chuo Trust & Banking established (May 26; Feb. Tokyo became the first city in the world to reach a popstarted operations on Aug. 1)
ulation of 10 million.
Jul. Applied for the first qualified retirement pen- Apr. Qualified retirement pension program launchedsion program

1957

1958
1959

1960
1961
1962

1963

1964
1965
1966
1968

20

Month Events in the Industry and SocietyJul. Launched “Shoken Daiko News” (Stock Trans- Apr. Tax exemption program for small savings (Maruyu) imfer Agency News) <C>
plemented
May Pension investment fund trust system established— Started offering mortgage loans
Oct. Summer Olympics held in Tokyo
Jun. Welfare pension fund (adjusted pension) system establishedOct. Chuo Trust & Banking Head Office completed (Kyobashi, Chuo-ku)
Aug. Total funds exceeded ¥1 trillion <S> (M: Dec. 300 million yen robbery— Gross national product (GNP) ranked second in the world
Nov.; C: Aug. 1974)
behind the U.S.

■Odakyu Electric Railway’s first-generation Romancecar,the first vehicle under a trust (1957, Sumitomo Trust and Banking)■Plate of the first tank car under a trust (a freight
car of Idemitsu Kosan) (1957, Sumitomo Trust andBanking)*<M> Mitsui Trust; <S> Sumitomo Trust; <C> Chuo TrustIn order to meet the demands of the new era, trust banks continued to pursue thepossibilities of trust-related services, including asset administration services. Movable equipment trusts and pension trusts were born during this period. The firstvehicle under a movable equipment trust was Odakyu Electric Railway’s firstgeneration Romancecar, which began operation in 1957 as a limited express train.
As for qualified retirement pension programs and adjusted pension programs, thetrust industry came together and jointly developed pension investment fund trusts(pension trusts) in 1963, which may only be purchased by pension funds. Pension
trusts not only contributed to the management of funds under both of these programs but also became an important pillar of trust banks.
■Model of Japan’s first cement carrier under a vessel trust(1960, Mitsui Trust and Banking)■Various pamphlets■The Chuo Trust & Banking Head Office (left)/Stock
Transfer Agency Business Center (bottom)
As the Ministry of Finance proceeded with the consolidationof banks concurrently engaged in trust operations, Tokai
Bank decided to carve out its trust business. Following anapproach by the Industrial Bank of Japan, Chuo Trust & Banking was established in 1962 with the support of Nikko Securities, Yamaichi Securities, and Daiwa Securities, and with theparticipation of Daiichi Trust Bank. In addition to a trust division, an organizational structure based on the stock transfer
agency division of Japan Securities Agents was established
to lead stock transfer agency operations.

■Model of Tokyo Express Electric Railway Share Company’s
vehicle under a trust (1960, Mitsui Trust and Banking)

Both models were donated by their respective manufacturing companies.

21

Ⅲ Chronicle of 100 Years: Events in the 100-Year History of Trusts, 1922-2024> Information technology, internationalization, and the expansion of trusts
Year

Month Group-Related Matters

Month Events in the Industry and Society

1969

Feb. Started offering employee stock ownershiptrusts <S>
Sep. Developed and started offering will trusts <M>
Mar. Online trust infrastructure developed <M> (S:Oct.; C: Jul. 1974)
Apr. Launched the industry’s first shareholder register EDP system (stock transfer agency) <C>
Dec. New York representative office for trust banks
opened (joint office for six trust banks)Jan. Started offering asset formation trusts

Jul. Apollo 11 landed successfully on the Moon
— Japan ranked first in the world for the numberof TV receivers manufactured
Jun. Act on the Promotion of Workers’ Property
Accumulation promulgated and came into
force
Aug. U.S. President Nixon announced plan to protect the U.S. dollar (Nixon shock)

1971

1972

1973

1974
1975
1977
1978
1979
1980

May Okinawa returned to Japan— Movement to remodel the Japanese archipelago underway
Mar. MIMAP system (for life planning consulting Feb. Transitioned to a floating exchange rate forservices) completed <M>
the Japanese yenAug. Started providing investment advisory ser- Oct. 1973 Oil Crisis
vices <C>
Apr. First overseas branch opened in New York <M> Jun. National Land Use Planning Act promulgat(S: Sep., in London; C: Oct. 1977, in New York)ed (effective Dec.)
May Started offering special donation trusts
Nov. First summit of industrialized nations (G6summit) was held
Apr. Financial consultant system established <S>— Japan ranked first in the world for life expecMay Entrusted with the first charitable trust <S>
tancy for both men and women
Nov. Started offering asset formation fund trusts
Oct. 1979 Oil Crisis
May Started offering negotiable certificates of deposit
Dec. National Tax Agency allows separation ofbook value for the management of specified
money trusts in the Basic Circular for Corporation Income Tax■Advertisement for will trusts
As personal assets gradually accumulated during the period of rapid economic growth, the practice of disposing of assets by inheritance or will
began to take root. In view of this, Mitsui Trust and Banking developed willtrusts as a full-fledged asset administration service in line with the trust’s
founding philosophy. The first will trust was launched in 1969.
22■Development of online trust infrastructure
In the 1970s, large computers and online terminal devices wereintroduced to streamline and improve the efficiency of trust administration, leading to the development of an online trust infrastructure. Mitsui Trust and Banking took the lead in
introducing such an infrastructure.
■Booklet explaining the Promotion of Workers’
Property Accumulation Program (Zaikei program)
The Zaikei program, under which any interest on principal of up to ¥1 million is tax-exempt, is suited totrusts, which specialize in long-term investment andcomplex administrative processing, with trust banks
having outperformed other financial institutions inthese areas.

■Award Ceremony for the 1st Kisaku Mori Award sponsored by the
Kisaku Mori Shiitake Mushroom
Promotion Fund, the first charitable
trust under the jurisdiction of the
Ministry of Agriculture, Forestry
and Fisheries of Japan (the firstcharitable trust entrusted to Chuo
Trust & Banking) (1979)■Consulting services through the MIMAP system
The MIMAP system was developed by Mitsui Trust and Banking in 1973 tohelp clients with life planning. The Life Planning Consultation Room was established at the Head Office with the goal of providing consulting services toa large number of clients based on scientific theories and information.

■Pamphlet about financial consultants
In 1977, Sumitomo Trust and Banking establishedthe financial consultant system ahead of other trustbanks. In anticipation of the movement toward financial liberalization, the company was quick to recognize and address the need for professional
consultants who possess specialized knowledge andexpertise in asset administration and asset management to meet the diversifying needs of clients.

■Newspaper advertisement on the opening of the New York representative office(Dec. 1, 1971)
JAPAN TRUST BANKS, a joint representative office for six trust banks, opened on WallStreet, the financial center of the world. The collective entry of Japan’s trust banks into
the U.S. market attracted significant attention both in Japan and abroad.
23

Ⅲ Chronicle of 100 Years: Events in the 100-Year History of Trusts, 1922-2024> Economic expansion and diversification of trust services: The “Big” eraYearMonth Group-Related Matters

1981

Jan. Started offering trust-integrated accounts
Jun. Revised Banking Act promulgated (effective
Jun. Started offering “Big” (loan trusts that pay
Apr. 1982)
income upon maturity)
Jun. Ministry of Finance issued the first “ApOct. Launched fund trusts <S> (Dec., entrusted
proaches to the Liberalization and Streamlinwith the first money fund trust <M>)
ing of Banking Agencies” (up to the sixth
thereafter)
Oct. Started offering asset formation pension Apr. 500 yen coin issued
trustsApr. Launched an online cash service for trust Apr. Tokyo Disneyland openedbanks (SOCS)
Apr. Started over-the-counter sale of government bonds and other public bonds
Mar. Entrusted with Japan’s first land trust <S>
Jun. Started providing the industry’s first online
shareholder information service (stock transfer agency) <C>
Oct. Started offering post-retirement trusts <M>
Nov. Sumishin Information Service established(M: Jan. 1986; C: Jun. 1986)
Dec. Started offering “Hit” (one-year deferred Apr. Nippon Telegraph and Telephone (NTT) andJapan Tobacco (JT) establishedmoney trusts)
Sep. Agreement reached between the financeministers and central bank governors of five
major countries to rein in the strong U.S. dollar(Plaza Accord)
Oct. Foreign banks started to participate in trusts
in JapanJan. Sumishin Realty Co., Ltd. established (C: Apr. Equal Employment Opportunity Act cameinto force
Dec.; M: Feb. 1988)
Feb. Won project competition for the Rokko Is- Dec. Start of bubble economy— Appreciation of the Japanese yen and soaring
land development project <S>land prices
Jul. Entrusted with transfer agent services for
NTT <C>
Jul. Chushin Investment Management established (M: Sep.; S: Nov.)
Apr. Japanese National Railways privatized and JR
Group established

1982
1983

1984

1985

1986

1987

24

Month Events in the Industry and Society

In 1981, the trust industry began offering “Big,” newgeneration loan trusts that pay income upon maturity, as agroundbreaking new product of this period. This gave rise
to a “Big fever” among clients who had developed a strong
preference for yield, given that the tax exemption limit of
the tax exemption program for small savings (Maruyu) was
greatly expanded to apply only to the principal, and that theinvestment returns were reinvested to generate high yields(compounded semiannually based on the loan trust’s expected dividend rate). This was followed in 1985 by thelaunch of “Hit,” money trusts that pay performance-based
dividends, which gained popularity as highly liquid savings
products.

■Pamphlet about “Big” and a trust-integrated accountpassbook (Mitsui Trust and Banking)■Poster about money trusts and a “Hit” passbook (Sumitomo Trust and Banking)■Pamphlets about “Big” (left: Sumitomo Trust and Banking; right:
Chuo Trust & Banking)■NP Onarimon Building under Japan’s first land trust(right, entrusted in 1984)/Rokko Island urban redevelopment project (bottom)
Land trusts, which were developed by the Trust Companies
Association of Japan in 1973, started gaining traction aroundthe mid-1980s in connection with redevelopment projects.
Land trusts became a popular method through which a trustbank takes charge of the administration and management ofland as a reliable expert on behalf of the landowner who
wishes to make effective use of it. In 1986, a consortium of ten
companies led by Sumitomo Trust and Banking won a projectcompetition for the development of urban functions on Rokko Island in Kobe City with the concept of transforming it intoa “sanctuary for fashion culture.” This massive project boasted
a total project cost of ¥230 billion (culminating in the opening of the Kobe Fashion Mart in 1991).

■Pamphlets about fund trusts
In 1981, Sumitomo Trust and Banking launched fund trusts, which are
discretionary investment asset management products. As productsthat pay performance-based dividends suited to the needs of thetimes, fund trusts received a tremendous response from related industries such as the banking and securities sectors.
25

Ⅲ Chronicle of 100 Years: Events in the 100-Year History of Trusts, 1922-2024> Start of the Heisei recession and addressing Japan’s declining birthrate and aging population
Year

Month Group-Related Matters

1988

Apr. Started offering asset formation housing
trustsFeb. Started offering the special donation trust“Omoiyari” <S>
Jun. Started offering “Super Hit” and “Super MMC”
May Started online CD partnership with citybanks
Sep. Chuo Trust & Banking listed on the First Section of the Tokyo Stock ExchangeJan. Started offering the mutual-assistance personal pension trust My RouteJul. The Japan Trust for Global Environment established (jointly managed by Daiwa Bank andseven trust companies led by Mitsui Trust andBanking)— Developed accounts receivable trusts (loan asset liquidation) <S>
Apr. Implemented blimp advertising (first by aJapanese bank) <S>
Nov. Started offering money trusts with performance-based dividends
Jul. First trust agency agreement <M>(S: Sep.; C: Sep.)

1989

1990

1991

1992

1993

1994

1995

1996

26

Month Events in the Industry and Society

Jan. Death of Emperor Showa, start of the Heisei era
Apr. Consumption tax introduced (3%)
Dec. Nikkei Stock Average closed at record high (¥38,915)
Jan. Depreciation of the Japanese yen and decline in stockand bond prices in the Tokyo financial market
Mar. Ministry of Finance announced restrictions on the total amount of land-related loansJan. Start of the Gulf War
Jun. Financial System Research Council released the report“On a New Financial System” (approval for participationin trusts through subsidiaries, end of government policy on the separation of trusts)— Collapse of bubble economy■Pamphlet about the
special donation trust“Omoiyari”
In 1989, Sumitomo Trust and Banking started offering
special donation trusts with standardized entrustment
guidelines in response to the demand related to the gift
tax exemption system for persons with severe disabilities. Trust banks also started to develop products aimed
at meeting social welfare needs.

— Sharp decline in land prices

Jun. Full liberalization of interest rates on time deposits
Oct. Trust bank subsidiaries of securities companies andcity banks started operations (including direct participation by regional banks)
Apr. Started offering pension ALM services
Jun. Japanese yen surpassed ¥100 per U.S. dollar for the
first time in the postwar period
Oct. Full liberalization of interest rates on demand deposits
Jul. Started offering the Hyogo Phoenix Trust <S> Jan. Great Hanshin-Awaji Earthquake
Oct. Entrusted with the Young Leaves Scholarship Mar. Tokyo subway sarin attack
Fund, a charitable trust for orphans of theGreat Hanshin-Awaji Earthquake <M>
Apr. The Bank of Tokyo-Mitsubishi establishedJun. Six finance-related laws enacted, including the Jusen(housing loan companies) liquidation bill
Nov. Government announced the Financial System Reform (“Japanese Big Bang”) to be launched in Apr. 1998

■Awarding of the Notice of Securities Listing
Approval
Amid the rapid progress of liberalization and internationalization, Chuo Trust & Banking achieved
its long-awaited listing (on the Second Section
and the First Section of the Tokyo Stock Exchange
in 1989 and 1990, respectively).

■First blimp advertisement by a Japanese bank
The late 1980s to the early 1990s were a period corresponding to Japan’s so-called bubble economy. Higher incomes, coupled with the wealth effect from rising stock prices and land prices, led
to economic growth spurred by demand from increased consumer spending, housing investments, and capital investments. Advertising activities were also often extravagant.

■Pamphlets about personal pension trusts (Yutori was a proprietary product of Sumitomo Trust and Banking launched in 1976,
while My Route was a common product of various trust companies
launched in 1991)
In the 1970s, trust companies expanded their lineup of new products,
including personal pension trusts, which are savings-type products,
in order to address the needs of an aging society and the demand ofclients for investment products. The 1980s saw the exploration of
products that adopt a long-term perspective, including those thatfacilitate the intergenerational transfer of assets and the utilization ofcharitable trusts.

■Poster about the Hyogo Phoenix Trust
The Great Hanshin-Awaji Earthquake in 1995 caused extensive damage
mainly to southern Hanshin (Osaka and Kobe) and to northern Awaji Island.
Sumitomo Trust and Banking, Mitsui Trust and Banking, and Chuo Trust &Banking took special action to address the needs of victims of the earthquake, while Sumitomo Trust and Banking also developed the Hyogo
Phoenix Trust (an others-interest trust in which investment returns are donated to the Great Hanshin-Awaji Earthquake Reconstruction Fund).
27

Ⅲ Chronicle of 100 Years: Events in the 100-Year History of Trusts, 1922-2024> Big Bang of the financial system and financial liberalization
Year

Month Group-Related Matters

1997

1998

1999

2000

2001

Mar. Introduced public funds
Sep. First in-store branch (Consulting Plaza
Hiyoshi) opened <M>
Nov. Took over the business operations of
Hokkaido Takushoku Bank in the Honshu
area <C>
Dec. Started over-the-counter sale of investment trusts, with the industry’s firstinvestment trust center opened in the
Shinjuku Nishiguchi Branch <M>
Jan. Started online ATM partnership withpostal savings <S>
Mar. First trust holding securitized real estate <M>
Sep. Sumishin i-Station opened
Apr. Chuo Mitsui Trust and Banking establishedJun. Japan Trustee Services Bank (now Custody Bank of Japan) established jointlywith Daiwa Bank <S>
Jun. Launched Sumitomo Trust Direct, thefirst Internet banking service by a trust
Jan. Launched Master Record-Keeping Service
May Entrusted with the first real estate investment trust (J-REIT)
Sep. Collapse of the World Trade Center
where the New York representative office was located <CM>

Month Events in the Industry and Society

Apr. Consumption tax raised from 3% to 5%
Nov. Hokkaido Takushoku Bank became the firstcity bank to collapse
Nov. Yamaichi Securities decided to apply for voluntary closure of its business
Jun. Financial Supervisory Agency establishedOct. Act Related to Financial Reconstruction enacted (effective Dec.)
Oct. The Long-Term Credit Bank of Japan failed
and was temporarily nationalized
Dec. Restrictions on over-the-counter sale of investment trusts by banks lifted
Dec. The Nippon Credit Bank failed and was temporarily nationalized
Jan. EU introduced the euro as its unified currency

Jan. Year 2000 (Y2K) problem
Apr. Start of the long-term care insurance system
Jul. Financial Services Agency establishedSep. Mizuho Holdings, Japan’s first financial holding company, establishedNov. Restrictions on real estate investment trusts(J-REIT) lifted
Jan. Ministry of Finance established (reorganization of the Central Government into 1 Cabinet
Office and 12 Ministries)
Apr. Sumitomo Mitsui Banking Corporation establishedApr. Mitsubishi Tokyo Financial Group and UFJ
Holdings establishedSep. September 11 attacks
Oct. Start of the individual-type defined contribution pension system*<M> Mitsui Trust; <S> Sumitomo Trust; <C> Chuo Trust; <CM> Chuo Mitsui Trust

28■Poster about the birth of a bankfor the new millennium
In 1997, Hokkaido Takushoku Bank
became the first city bank to collapse.
The following year, Chuo Trust &Banking took over the business operations of Hokkaido Takushoku Bank in
the Honshu area and came to possess
the most extensive network among
trust banks, transforming into a new
type of trust bank that combines theconvenience of a city bank with theexpertise of a trust bank.

■The industry’s first investment trust center (Shinjuku Nishiguchi Branch, Mitsui Trust and Banking)In 1998, Mitsui Trust and Banking, which had been actively engaged
in the sale of investment trusts and focused on its retail business, became the first major bank to open an investment trust center, amanned channel dedicated to investment trusts, in its Shinjuku
Nishiguchi Branch. Besides increasing the number of business locations, it also started offering various unique products such as dedicated funds.

■Posters about the launch of investment trusts and other products■The Chuo Mitsui Trust and Banking Head Office Building■Establishment of Japan Trustee Services BankJapan Trustee Services Bank, established jointly by Sumitomo Trust and Banking and Daiwa Bank in 2000, was later joined by Mitsui Trust Holdings to become Japan’s leading asset administration platform (now Custody Bank ofJapan).

■Chuo Mitsui Trust and Banking’s poster about thebirth of a solutions bank
In April 2000, Chuo Trust & Banking merged with Mitsui
Trust and Banking to form Chuo Mitsui Trust and Banking. The new bank became the leading trust bank interms of the number of branches in Japan and the balance of trust property, as well as the second largest Japanese bank in terms of total funds behind the Bank ofTokyo-Mitsubishi.
29

Ⅲ Chronicle of 100 Years: Events in the 100-Year History of Trusts, 1922-2024> Accelerating financial restructuring and addressing consulting needs
Year

Month Group-Related Matters

Month Events in the Industry and Society

2002

Feb. Mitsui Trust Holdings establishedOct. Launched individual annuity
products
Apr. Started offering Exelina, a mortgage loan for women only <CM>
Dec. Launched Japan’s first socially responsible investment (SRI) fund forcorporate pension <S>
Dec. Toranomon Consulting Officeopened <S>

Jan. Toyo Trust and Banking renamed UFJ
Trust Bank

2003

2004

2005

2006
2007

2008
2009

2010

30

Jan. Mizuho Financial Group establishedMar. Resona Bank establishedMar. Mizuho Trust & Banking establishedJan. Public funds paid off <S>
Dec. New Trust Business Act promulgatedApr. Started offering the Anshin Supand came into force (New Trust Act
port Trust<CM>
promulgated in Dec. 2006, effective
Sep. 2007)
Mar. Started offering reverse mortgag- Apr. Blanket guarantee of deposit insures<CM>ance completely lifted
Oct. Mitsubishi UFJ Financial Group established (Mitsubishi UFJ Trust and Banking established)
Sep. Stopped offering loan trusts <S> Jun. Financial Instruments and Exchange(CM: Sep. 2009)
Act promulgated (effective Sep. 2007)
Sep. SBI Sumishin Net Bank started op- Oct. Start of privatization of postal sererations
vices, Japan Post Group establishedOct. Trade name of Mitsui Trust Hold- Dec. Restrictions on the sale of insurance
products by banks completely lifted
ings changed to Chuo Mitsui TrustHoldings— Global Economic Crisis (Collapse of
Lehman Brothers)
Oct. Acquired a 98.55% stake in Nikko Aug. Democratic Party of Japan (DPJ) won
the House of Representatives in an
Asset Management <S>election, resulting in a change of govNov. Concluded a basic agreement on
management integration <S/CM>
ernment
Nov. Zijin Trust Co., Ltd. opened <S>
Jan. European debt crisis deepened■Toranomon Consulting Office
Amid Japan’s declining birthrate and aging population, there was an ever-growing need for consulting services regarding preparations for life
after retirement and asset succession. In 2003, Sumitomo Trust and Banking opened a consulting office in Toranomon based on the concept of“openness and peace of mind.” Chuo Mitsui Trust and Banking also addressed consulting needs by renaming its investment trust centers to
consulting plazas in 2004.

■Pamphlet about the SRI fund “Good
Company”
In 2003, Sumitomo Trust and Banking
launched “Good Company,” a socially responsible investment (SRI) fund for individuals, on the back of Japan’s first SRI
fund for corporate pension. The system oflinking investment to social contribution
was well received, and in addition to receiving the Excellent Fund Award for two
consecutive terms, the fund also won thefirst prize of the R&I Fund Award in 2008.

■Pamphlets by Chuo Mitsui Trust and Banking
In April 2003, Chuo Mitsui Trust and Banking started offering Exelina, a mortgage loan for women only, as part of its
efforts to focus on the attributes and needs of clients. It
subsequently expanded its services to address the needsof not only women. In 2004, it started offering the Anshin
Support Trust, a customized trust product whose main objective is to administer and preserve assets. This trust wasdeveloped in response to diverse needs, including being
the first trust product for individuals that allows clients todesignate beneficiaries other than themselves.

■Launch of Chuo Mitsui Trust Group
Mitsui Trust Holdings was renamed Chuo Mitsui TrustHoldings in 2007. The trade name of Mitsui Asset
Trust and Banking was also changed to Chuo Mitsui
Asset Trust and Banking to strengthen the Group’s
management capabilities and brand power.
■Hitoshi Tsunekage (left), President of Sumitomo Trust and Banking, and Haitao
Wang (corporate representative, right), CEO of Zijin Trust, holding up a plaque with theinscription “Do Kanku” (sharing joys and sorrows) written by Atsushi Takahashi, Chairman of Sumitomo Trust and Banking, at the opening ceremony of Zijin Trust Co., Ltd.
In 2010, Sumitomo Trust and Banking invested in a subsidiary of a financial holding company of the
Nanjing Municipal People’s Government, culminating in the opening of
Zijin Trust Co., Ltd. (initial stake of
19.99%). This was the first instance ofa Japanese financial institution participating in the management of a
Chinese financial institution.

31

Ⅲ Chronicle of 100 Years: Events in the 100-Year History of Trusts, 1922-2024> Birth of Sumitomo Mitsui Trust Group: Becoming “The Trust Bank”
Year

Month Group-Related Matters

Month Events in the Industry and Society

2011

Apr. Sumitomo Mitsui Trust Holdings establishedApr. Started offering the social contribution
donation trust “Bridge to Tomorrow”
Jan. Marunouchi Eiraku Building (Head Office Building) completed
Apr. Sumitomo Mitsui Trust Bank establishedJun. Signed the Natural Capital Declaration
Jun. Started offering designated donation
trustsMar. Public funds paid off
Apr. Started offering the Family Consideration Trust (lump sum version) and theTuition Fund Endowment Trust “Mago-ENo-Omoi”
Aug. First post-merger overseas branch
opened (Hong Kong Branch)
Oct. First post-merger domestic branch
opened (Meguro Branch)
Nov. System integration completed
Dec. Started offering annual donation support trusts
Apr. Started offering the Wedding andChild-Rearing Support Trust “TsunaguOmoi”
Sep. Started offering security trusts
Dec. Designated as a domestic systemicallyimportant bank (D-SIB) by the Financial
Services Agency
May Started offering Sumitomo Mitsui Trust
Diners Club card
Sep. Policies regarding fiduciary duties establishedDec. Launched the robo-advisor tool “Entrance to Investing”

Jan. China released its GDP statistics for 2010,
surpassing Japan to become the second largest economy in the world
Mar. Great East Japan Earthquake
Dec. Second Abe Cabinet formed, taking overfrom the Democratic Party of Japan and returning to a coalition government

2012

2013

2014

2015

2016

32

Apr. FY2013 tax reform (reduction of basic exemption for inheritance tax, tax exemption
for lump-sum gift money related to education)
Apr. Bank of Japan decided to implement largest-ever quantitative and qualitative monetary easing

Jan. Tax exemption program for small investments (NISA) launched
Apr. Consumption tax raised from 5% to 8%
Apr. FY2015 tax reform (tax exemption for lumpsum gift money related to marriage and childcare)
May Revised Companies Act came into force(strengthening of corporate governance, etc.)
Sep. The 2030 Agenda for Sustainable Development adopted at the UN Summit
Jan. My Number system introduced
Jan. Bank of Japan introduced negative interest
rates
Jun. UK decided to withdraw from the EU (Brexit)
Sep. Individual-type defined contribution pension system nicknamed iDeCo■Hitoshi Tsunekage (right), President of Sumitomo Trust and Banking, and Kazuo Tanabe (left), President of Chuo Mitsui Trust Holdings, at the press conference on the final agreement on management
integration

Sumitomo Trust and Banking and Chuo Mitsui Trust Group explored various avenues by which they could strengthen their management base.
Amid the movement toward the formation of new financial groups that
go beyond the framework of zaibatsu of the past, it was quite natural forthe two companies to consider each other as their best partner, giventhat they had each pursued their own unique paths specific to trust
business from a neutral standpoint without being part of any megabankgroup.

■Verification work aimed at the completion of system integration
In 2011, Sumitomo Mitsui Trust Holdings, Inc., was established as thefirst step of the integration process, giving rise to the largest and mostprestigious trust bank group in Japan. This marked the beginning of its
challenge of being “the Trust Bank.” In 2012, the three trust banks of Sumitomo Trust and Banking, Chuo Mitsui Trust and Banking, and Chuo
Mitsui Asset Trust and Banking merged to form Sumitomo Mitsui Trust
Bank, Ltd. as the second step. In 2014, integration was finally completewith the completion of system integration as the third step.

■Sumitomo Mitsui Trust Holdings Headquarters &Sumitomo Mitsui Trust Bank Head Office Building
In 2012, the Marunouchi Eiraku Building with 27 floors
above ground and 4 floors underground was completed. The building was constructed jointly with Mitsubishi
Estate, etc., in Marunouchi 1-chome, Chiyoda-ku, Tokyo,
which included the former site of Sumitomo Trust andBanking’s Tokyo building, to serve as the headquarters/
head office. The building received the highest rank of “S”
under the Comprehensive Assessment System for Built
Environment Efficiency (CASBEE) for its installation oflarge-scale solar panels, cool roof coating and other features, green walls on the lower floors, and the introduction of energy-saving equipment.

■AIA Building where the Hong Kong Branch, the first post-merger
overseas branch, is locatedKagami-biraki (sake barrel ceremony) at
the Hong Kong Branch

In Asia, a strategically importantregion, operations are handled
through a four-location structure
comprising the Hong Kong Branch,
Sumitomo Mitsui Trust Bank (Thai),the Singapore Branch, and theShanghai Branch.

Establishment of Sumitomo Mitsui Trust Bank
Chairman Kunitaro Kitamura (left) and President
Hitoshi Tsunekage (right)■Opening ceremony of the Meguro Branch, the first post-merger domestic branch
The opening of the Meguro Branch in 2013 was followed by the opening of the Shinyurigaoka Branch (Kawasaki City) and the Ichikawa Branch (Ichikawa City) in the same year; the Jiyugaoka Branch, the Koganei
Branch, and the Hoshigaoka Branch (Nagoya City) in 2015; and the Kamiooka Branch (Yokohama City) in
2016. Consulting services are provided by leveraging the functions of trust banks at each location (branches located in Tokyo unless otherwise noted).

■Sathorn Square Building where Sumitomo
Mitsui Trust Bank (Thai) is located■Diners Club card
Sumitomo Mitsui Trust Club is thesole issuer of a Diners Club card inJapan, which was launched in 1960
as Japan’s first credit card,and it has
been bringing a luxury lifestyle to clients in line with the times ever since.
A photo taken with a couple (third and fourth persons from the left), the first clients at the Meguro Branch

33

Ⅲ Chronicle of 100 Years: Events in the 100-Year History of Trusts, 1922-2024> Contributing to tackling social issues through the power of trusts: Our second founding
Year

Month Group-Related Matters

2017

May Announced the Medium-Term Management Jan. U.S. President Trump inaugurated
Plan “Evolving into the Trust Bank: Our Second
Founding”
Jun. Transitioned to a company with Three Committees
Oct. Asset management functions integrated into Jul. Act Related to Work Style Reforms proSumitomo Mitsui Trust Asset Management
mulgated (effective Apr. 2019)
Oct. Zengin System expanded to operateround the clockJun. Started offering the 100-Year Life Solution May Emperor Naruhito ascended theTrust (100-Year Passport)throne, start of the Reiwa era
Sep. The Sumitomo Mitsui Trust Financial Educa- Jun. Financial Services Agency released thereport “Asset Formation and Administration Institute establishedDec. First next-generation trust-focused branchtion in an Aging Society”(Shibuya) opened
Oct. Consumption tax raised from 8% toDec. Started offering the Solitary Trust
10%
Feb. Won the Gold Prize in the Fundraisers catego- Mar. WHO declared COVID-19 a pandemic
Apr. Prime Minister Abe declared the firstry of the 1st ESG Finance Awards Japan
state of emergency
Jul. Custody Bank of Japan establishedAug. Entrusted with a forestry trust
Mar. Concluded Japan’s first transition loan con- Jan. U.S. President Biden inaugurated
Feb. Nikkei Stock Average hit the ¥30,000
tract (based on internal research)
mark for the first time since Aug. 1990
Apr. Trust Base established to promote digital
Jul. Summer Olympics and Paralympics
transformation (DX)
held in TokyoMay Declared intention to reduce cross-shareholdOct. Kishida Cabinet formed (100th Cabinet
ings to zeroof Japan)
May Started offering Green Deposit
Aug. UBS SuMi TRUST Wealth Management started — Japan smartphone ownership in 2021
reached 88.6% of households (Informaoperations
Oct. Issued declaration to pursue carbon neutrality
tion and Communications in Japan,
White Paper 2021)
Apr. Launched the mobile app service Smart Life Feb. Russia invades Ukraine
Designer
Jul. Former Prime Minister Abe shot andJul. Commenced partnership with U.S. company
killedApollo Group and committed to investing $1.5
billion in alternative assets
Sep. Launched Sumitomo Mitsui Trust NEOBANK— Japan’s population fell in all prefectures
for the first time
Apr. 100 year anniversary

2018

2019

2020

2021

2022

2023
2024
34

Month Events in the Industry and Society■A new organization following our second founding
In 2017, Sumitomo Mitsui Trust Holdings transitioned to a company
with Three Committees and revamped its management structure tofurther enhance its corporate governance structure. Positioning thistransition as our second founding, we reformed our business model inline with the needs of a trust group by consolidating the functions ofasset administration and asset management and by developing products that address the needs of the “age of 100-year life” (the era whenpeople may live as long as 100 years).

Tetsuo Okubo (left), President of Sumitomo Mitsui Trust Holdings
Masaru Hashimoto (right), Presidentof Sumitomo Mitsui Trust Bank

■Financial education materials for high school home economics
published by the Sumitomo Mitsui Trust Financial Education Institute
The Sumitomo Mitsui Trust Financial
Education Institute was establishedas part of Sumitomo Mitsui Trust Bankfor the purpose of disseminating froma neutral standpoint surveys andstudies on asset formation and asset
utilization suited to the age of 100year life. The Institute contributes toimproving the financial literacy of clients through its website, books, seminars, etc., so that they can live with joy
and peace of mind in the age of 100year life.

■Onarimon Tower, the new
office of Sumitomo Mitsui
Trust Asset Management

In October 2018, Sumitomo Mitsui Trust Bank’s asset management functions were integrated into Sumitomo Mitsui
Trust Asset Management, transforming it into one of thelargest asset management companies in Asia. The company is working to strengthen and enhance its investment
capabilities globally on a new stage.

■Forests in the village of Nishiawakura, Aida-gun, Okayama,
under our forestry trust
In 2020, we were entrusted with Japan’s first forestry trust (basedon internal research). We have continued to contribute to tackling social issues such as the deterioration of forests due to depopulation and shortage of manpower, as well as regional
development centered on the forestry industry.

■Next-generation trust-focused branches
In 2019, the Shibuya Branch and the Shibuya-chuo Branch opened in
Tokyu Plaza Shibuya located within the commercial complex Shibuya
Fukuras. The branches operate until 8:00 p.m. on weekdays and until
6:00 p.m. on Saturdays based on the concept of allowing clients fromall age groups to gather and providing them with consulting services
unique to trusts. There is also a lobby lounge that can be used freely byclients as well as an information space that provides information onreal estate properties, news, etc. In addition, new initiatives are being
implemented in various locations following the COVID-19 pandemic,
including the expansion of online consultation functions and theopening of cashless branches with semi-private booths for all seats.

Semi-private consultation booths(Kichijoji, opened in 2021)

Online consultation booths in theoffice area (In front of Nagoya station, opened in 2020)

Exterior of Shibuya Fukuras when preparations for the opening of the branches were
underway

Lobby lounge on 5F (Shibuya)■Smart Life Designer, an app for shaping the future of one’s money
Smart Life Designer, an app for designing the use of the required money together with clients as we approach the age of 100-year life, won the 2022
Good Design Award. Besides its superior operability, the app received excellent reviews for its attempt to tackle social challenges in the age of 100-year
life. Internet banking and household budgeting are among its features thatoffer peace of mind and convenience. In 2023, the NEOBANK service waslaunched by SBI Sumishin Net Bank, the first online bank to be newly listed on
the Tokyo Stock Exchange Standard Market in March. Clients can now open a
Sumitomo Mitsui Trust NEOBANK account from the top page and utilize thebanking services of SBI Sumishin Net Bank in an interoperable manner.

35

Ⅳ Trust for a Flourishing Future

Our Aspirations for Trusts
The Kanji character 信 (“shin”; to believe or trust) can be understood as consistency in the 言 (words) of 人 (a person). The shapeof the right radical of the Kanji character 託 (“taku”; to entrust)
resembles a blade of grass, which represents the sprouting andgrowth of a plant, with the flower or tip that blooms at its end
leaning on the radical 言. We hope that the seeds entrusted to us
by our clients will sprout, grow, and blossom into large, beautiful
flowers through the power of trusts.
To mark the 100th anniversary of our founding in 2024, theGroup has formulated the brand slogan “Trust for a flourishing
future” as well as a brand statement to convey the aspirations expressed in the slogan.
We will continue to fulfill with pride the hopes for the future thatclients and society have entrusted to us.

Sumitomo Mitsui Trust Bank’s mascots, Shinjiru & Takuseru, twindogs that are good at finding people with asset-related problems

36

LeavesGroundRoots

In 2023, Shinjiru & Takuseru editions of theautonomous entertainment robot “aibo”
were launched in collaboration with Sony
Group. Clients will be greeted by these robots at 104 branches nationwide.

Trust for a flourishing future (Brand Slogan & Brand Statement)

Trust for a flourishing future
Entrusting your vision to someone begins with belief in the world.
We work to ensure that your future flourishes,by exploring your story, breaking fresh ground,cultivating assets, and nourishing our society.
Always with honesty, adapting with agility.
Going beyond anticipation to conviction.
Fulfilling the duty we earn through trust,for the next 100 years and more.

Because when you flourish, so too will the world.

37

Ⅳ Trust for a Flourishing Future

Creating a Vibrant and Bright Future andthe Virtuous Circulation of Funds, Assets, and Capital through the Power of Trusts
We hope to promote a virtuous circulation of funds, assets, and capitalthrough the power of trusts and achieve sustainable growth of theeconomy as a whole. As a provider of financial and social infrastructure
centered on asset management and asset administration that is involved in various markets related to the movement of funds, assets, andcapital, we hope to create new value for society by leveraging thebroad-ranging functions of trusts and playing a leading role in promoting a virtuous circulation.
The stagnation of funds has historically led to economic slowdown.
In the Showa era, trust banks contributed to Japan’s rapid economic
growth by supplying mainstay industries with funds collected throughloan trusts.
In the current Reiwa era, we are spearheading reforms of the industrial structure by supporting companies through impact equity investments that positively impact society in order to create a green society.
At the same time, we seek to democratize and socialize investment by
providing safety and peace of mind for individual clients at various
stages of their lives and allowing everyone to access valuable investment opportunities, thereby promoting a virtuous circulation of funds,
assets, and capital.

38

AUF (Assets Under Fiduciary)

Indicators of the scale of our efforts aimed at contributing to tackling social challenges and creating/expanding markets

Net bussiness profit¥284.6billion¥324.6billion¥480
triillion¥400 billion
or more¥355
billion¥800 triillion

Assets Under
Management
AUM

¥600
triillion

AUF

Assets Under
Custody & Assets
Under Administration
AUC & AUA

¥225
triillion

FY2012

FY2022

FY2025(Target)

AUF=AUM + AUC & AUA + B/S

FY2030(Vision)Investments on
Balance Sheet
B/SInvestors
Regional ecosystems
Global investment chains

Capital markets

Invest inSocial issues
Diverse range of investment opportunities

Real asset markets

Virtuous circulation of funds,
assets, and capital(Real estate, infrastructure, etc.)

Expansion of AUF

Invest in

Invest in

Supply funds to

Corporations

Individuals and households
Age of 100-year life

Banking services

ESG/Sustainable management

Social issues

Social issues

Asset formation/Aging population

Sustainable growth

Stock transfer
agency services

Expediting virtuous circulationby leveraging the broad-ranging functions of trusts
Cornerstone of long-term
relationships of trust with clients
Advisory functions

Consolidation of diverse andversatile investment capabilities
Asset administration functions

Vital platform forsupporting virtuous circulation
Asset administration functions

39

Ⅳ Trust for a Flourishing Future

Diverse Products and Services That Cater to Various Stages of a 100-Year Life(As of December 31, 2023)

Asset management

Grow steadily

Time deposits

Grow aggressively

Investment trusts, foreign currency deposits, discretionary investment products (wrap accounts)

For your home

Mortgage loans

For post-retirement life

Housing assistance loans for seniors aged 60 and older (“Rokumaru”)

Loans

Real estate utilization loans (reverse mortgages)

For safety andpeace of mind

Assetadministrationand succession For your loved
ones

For expressing
your love in atangible way

For sudden expenses

Card loans

For the acquisition of real estate for lease

Apartment loans

Preparing for dementia and health concerns

100-Year Life Solution Trust (100-Year Passport/100-Year Passport Plus)

Support for asset administration

Anshin Support Trust■Housing Will
This service allows clients who havetaken mortgage loans to bequeath
their home to their loved ones.
Should unexpected circumstances
occur, we will take care of the necessary procedures to fulfill the client’s wishes. (patent pending)Preparing for unexpected circumstances (death) Solitary Trust (money trust version/life insurance version)
Protecting assets from financial crimes

Security trusts

For future living expenses

Personal pension trusts

Gifting to living family members and relatives

Tuition Fund Endowment Trust (“Mago-E-No-Omoi”)
Wedding and Child-Rearing Support Trust (“Tsunagu-Omoi”)

Annual donation support trusts
For family members in the event of unexpected
Family Consideration Trust (lump sum version/annuity version)
circumstances
Support for asset succession planning
Estate planning (consulting service)
Holistic support for wills
Will trusts (will execution/will storage), Smart Will
Will storage

Housing Will, will custody services

Support for inheritance procedures

Estate planning services

Life insurance

For various forms of life planning

Real estate

For various needs related to real estate

Starts working

Income compensation insurance, term insurance

ion

40

at
educ
r
e
h
ig

Real estate brokerage services, consulting services for effective use of land

40s
30s

Marriage

50s

Individual annuity products, whole life insurance, medical and cancer insurance

Working generation
20s

As your best partner in the age of
100-year life, the Group provides
broad-ranging support that harnesses the power of trusts to facilitate smooth circulation acrossdifferent generations and different
stages of an individual’s life.

f houseBirth of childneeds
20s ◉ Financial education, preparing for future moneys ◉ For30s to 40

eo
Purchasones
oved
your l

rs h
ente
d
l
i
h
C

■Special retirement plan/Special planfor individuals nearing retirement
Everyone has their own unique way of living and spending money after retirement.
We support our clients’ post-retirement
life by offering the optimal plans that cater to the needs of their post-retirement
lifestyle.

io r gS en
erd o ldnas
70c
Health

ti
Re

rem

ge
ent

60s
ts
d ge
Chil rried
ma

60

atio
n er

Rem

are

ildrenGift to ch childrendand gran

Seniorhousings oldInheritance

ing

odel

n

1 0 0 y ear

ation
ene r

ed s

e ne
ca r
ives
g
erm la n n int
Rece siong
lo n a n c e p
n
e
n
p
t
r ow erihforyou n, incare ment
and hildre
a
m
i
t
r
c
n
an d
g-te tireme
Lon ents, Re for de and gr
in g r e n
parpar hild0o7st

P re o cs◉ Gift t■Will trusts
In order to ensure that our clients’various wishes are fulfilled, our financial consultants and otherspecialized personnel provide
support by drawing on their comprehensive
knowledge
andwealth of experience in the areaof property.

■100-Year Life Solution Trust<100-Year Passport><100-Year Passport Plus>
This trust product harnesses the functions of trusts
to prepare for dementia and health concerns. It
supports the preservation and administration of
our clients’ precious funds and their everyday life
in old age. We also offer the 100-Year Passport Plus,a product for preparing for living to 100 years oldwhile striking a balance between asset management and asset administration.

■Anshin Support Trust
We provide customized asset administration andpreservation services for clients who have no one
to whom they can entrust the administration of
their assets. We act as the trustee to administer
the client’s assets, and after they have designatedthemselves or their family members as beneficiaries, we can provide the necessary funds for everyday life, medical treatment, study, etc. Clients
can also leverage the structure of this trust to
make regular donations to their alma maters,
charitable organizations, and other organizations.
*This page has been prepared for informational purposes only and is notintended for the purpose of solicitation. For more information about
each product, please approach your local branch or refer to our website.

41

Ⅴ Founding Prospectuses

The Continued Relevance of the Founding Prospectuses Today
Trust companies were born as an “inevitable product” of a new era marked by the rapid progress of modernization and capitalism. In their founding prospectuses, Mitsui Trust and Sumitomo Trust pledged tocontribute to social and economic development through the power of trusts by upholding “Dedication
and Development” and “Truthfulness and Loyalty,” respectively. Chuo Trust & Banking, which was established during the period of rapid economic growth, also reaffirmed its commitment to contribute to
the development of Japan’s economy while fulfilling the primary functions of trusts and meeting theneeds of the Japanese people.
In the 100 years that have passed since then, society has evolved dramatically and many new challenges
have emerged. Given the greater complexity of society and the more diverse challenges that exist today,
more sophisticated responses to these challenges are now required.
Our mission as a trust bank group is to use trusts to create a flourishing future (our purpose). This was
the case in the past and remains so today. The pledges made in the founding prospectuses of our threepredecessor companies still live on today as an important philosophy that we should stand by and continue to pass down over the next 100 years.
1920s
Enactment of the Trust Act
and Trust Business Act

1950sBirth of loan trusts

Supporting rapid
economic growth andcontributing to asset
formation of the Japanesepeople1960s
Birth of pension trusts

Creating benefit programs
that provide peace ofmind to employees ofcorporations(organizations)

1980s
Birth of land trusts

Providing a new means ofreal estate developmentthat organically integrates
financial functions andasset administration
functions

Establishment of Mitsui Trust (1924)

Establishment of Sumitomo Trust (1925)

42

Establishment of Chuo Trust & Banking (1962)

1990s
Birth of securitization
trustsProviding various meansof financing

2000s

FutureDevelopment of trusts thattackle various social
issues in line with the age of
100-year life

Future-oriented trusts that
seek to tackle social
challenges of the future

Establishment of
Sumitomo Mitsui TrustHoldings (2011)
Establishment of Sumitomo
Mitsui Trust Bank (2012)

Establishment of Chuo Mitsui
Trust and Banking (2000)

■The Mitsui Trust Co., Ltd.
Founding Prospectus (Modern Translation)
As wealth accumulation grows along with the development of the national economy, social conditions have become more complex with a highly diverse range ofindustries. It is by no means an easy task to address these circumstances and successfully achieve the goal of generating profit while safeguarding and protecting
one’s assets. If one is unfamiliar with the economic situation, lacks the time toperform dedicated research, or has not laid the necessary legal groundwork, they
may be exposed to various risks as a result of flawed investment methods, the pursuit of problematic investment objectives, or entrusting the administration of theirassets to the wrong person. There have been many cases of investors not only failingto receive the expected profit but even losing their principal, incurring unforeseen
losses, and eventually becoming disappointed. Therefore, in order to safeguard andprotect the assets of individuals and organizations, as well as to achieve the objective of generating profit, the need has arisen for a credit institution (i.e., trust
company) capable of acting as an asset management advisor, a trustee for asset
management and disposal, and a proxy for related receipts and payments, to fulfill
these entrusted responsibilities in the safest, most effective, and organizedmanner, both legally and financially, while taking into account the circumstances
specific to each client.
Major trust companies have thrived in the developed countries of Europe and theUnited States early on, and it is no coincidence that the United States, in particular,
has made tremendous progress in the trust business. This is a result of meeting theneeds of society in line with the trend of economic evolution, and the need for such
trusts is being felt more and more keenly as economic frameworks become increasingly complex and wealth accumulation grows. It cannot be overstated how asset
management can compensate for individual deficiencies while simultaneously contributing to the social economy. While there has been a remarkable rise of trust
companies in Japan in recent years, it is regrettable that these trust companies have
yet to demonstrate a proven track record, partly because of the lack of a legal
framework for trusts and partly because of the imperfect organization and management of these companies. Fortunately, a new law on trusts was enacted last year
and came into force on January 1 of this year, which has allowed for the management of trust companies on the basis of a new legal foundation. This has ushered ina new era for trust businesses.
The existence of banks as financial institutions that serve as the source of dynamic
funds for promoting commercial activities, coupled with the existence of trust
companies as institutions for the management of society’s static assets and profit generation, is an inevitable product of a rapidly advancing economic society.
The two differ in the scope and function of their business operations, as well as in
the duration of fund management. Banks and trust companies should avoid competition with each other and engage in mutual cooperation as they are both indispensable for supporting a country’s economic organization and the undisrupted
flow of its capital, and they should fulfill theirrespective unique functions as two major credit
institutions for both industry and finance. Trust
companies must ensure that they build publicconfidence and a complete organization to implement this new law properly, repay the public
for its entrusted assets through the company’s
operating activities, and meet the public’s needs
adequately. In view of the reasons outlined above
and the needs of the present era, we hereby establish this trust company and pledge to contribute to the economic society of Japan.
December 1923
43

Ⅴ Founding Prospectuses■The Sumitomo Trust Co., Ltd.
Founding Prospectus (Modern Translation)
The trust system, which first emerged in ancient Rome and expanded in medieval
Britain, was introduced to the United States in recent years. Drawing on the country’s natural resources and unique national conditions (specifically, the development of the United States from a former British colony and the need to raise funds
for its westward expansion), the system made remarkable progress as a business andled to the rise of trust businesses and trust companies. The trust system, which has
distant origins and an extensive history, was recently brought into Japan in response to the needs of the times, leading to the enactment of the Trust Act and theTrust Business Act in 1922 and ushering in a new era for Japan’s asset system. Our
plan is to establish the Sumitomo Trust Co., Ltd. in Osaka City and to manage atrust business on the basis of these laws. Our sole goal in establishing this trust
company is to serve the nation and society and to contribute to the national
economy. The following is an overview of our goal, and we would like to appeal tovarious like-minded parties to support us on this front.
Let us begin by explaining the basic concept of a trust. While it is natural for a
person to manage their own assets to generate profit, entrusting this work to others
will generally allow the person to achieve this goal by utilizing systems (stipulated
in the Civil Code) such as agencies and depositories. However, there are cases inwhich entrusting this work to others goes beyond agencies and depositories andrequires changing the asset holder’s name to the name of that person (to whom theasset is entrusted). For example, real estate held by an unincorporated club or association may be registered in the name of its representative or another individual,
and one’s money may be deposited in the name of another person for convenience
due to various reasons. In such cases, the person to whom the asset is entrusted willbe the owner of said asset to the outside world, but since the asset has neither beenpurchased nor gifted in the first place, it must be eventually returned to the original
owner or transferred to a specific person along with all profits accrued. This is theso-called trust relationship. Trusts are part of a new asset system established basedon the above principles and governed by the law known as the Trust Act.
Next, we will briefly explain the key points of a trust. Firstly, as mentioned in theconcept of a trust outlined above, the asset owner (the settlor) changes the asset
holder’s name to the name of another person (the trustee) for the purpose of
having the trustee manage the asset to generate profit. The fundamental differ44

ence between a trust and agencies and depositories in Japan’s existing asset systemis that a trust requires a change in the asset holder’s name despite sharing the samegoal, an essential feature of any trust. By changing the asset holder’s name, the law(the Trust Act) stipulates that even creditors of the person entrusting the asset (thesettlor) cannot subject the asset that has been entrusted (trust property) to compulsory execution or auction, unless these rights had accrued prior to entrustment. The
law also protects trust property by establishing various provisions regarding therelationship between the settlor and the person to whom the asset is entrusted (thetrustee). For example, creditors cannot seize trust property, put it up for auction, or
use it to set off any existing debt unrelated to the trust of the trustee. Furthermore,
if the trustee unlawfully sells trust property to a third party against the will of thesettlor, the settlor can recover it from the buyer. Of course, for these purposes, theasset in question must have been entrusted in good faith and registered as trust
property. At the same time, trust property must not be transferred to inheritors of
the trustee, and the trustee must manage all trust property separately from theirown personal assets. Because of these reasons, trust property can be said to be held
in a completely safe place.
Next, the second key point of a trust is confidence. As the saying goes, “Family isirrelevant where money is concerned.” It is not an easy task to trust another personwith one’s assets or to gain the trust of someone with respect to theirs. Even in themere act of appointing another person as their proxy, one must have tremendous
confidence in that person. When going a step further and entrusting one’s asset toanother person while changing the asset holder’s name to theirs, the settlor musthave absolute confidence in the trustee. At the same time, the trustee must fulfill
their duty with the utmost fidelity and integrity in order for the trust to gain theconfidence of others. In other words, the fundamental elements of a trust are
confidence and integrity, and it must naturally be the case that the trust systemis the final product of a credit system.
As for the mission of trust business, although it is natural for people to manage
their own assets and generate profit on their own as outlined above, there are many
people in the world, who are unable to manage assets to generate profit on theirown due to various reasons, such as lacking sufficient knowledge or ability to do soor because they are too busy with work to grow their wealth even if they have thenecessary knowledge and ability. Such people may have custodians, guardians, or
stewards, agents, advisors, etc., who manage assets on their behalf to generate profit, but with the progress of society and development of the economy, utilizing thesemethods alone is not only associated with growing inconvenience and disadvantages

but has also led to many unfortunate cases around the world of people having theirvaluable assets squandered by their administrators, etc. In short, under the existing
asset system, those who cannot manage their own assets to generate profit will facegrowing threats to their livelihood as the times evolve, and they will not be able tobequeath the assets they have painstakingly accrued to their descendants withpeace of mind. This may eventually lead to the end of ancestral worship, their descendants being stranded on the streets, and Japan’s family system becoming obsolete. If this were to happen, the result would not simply be the problem of a single
individual but a major problem for society as a whole. Moreover, unlike the business capital of those engaged in commerce and industry, these assets are not being
utilized. It is highly regrettable from the perspective of the national economy ifthese assets are simply locked away and not harnessed for economic activities. In
order to resolve and prevent the future occurrence of such problems, a new asset
system that meets the needs of the times is no doubt necessary. It must be said that
it was inevitable for the trust system and trust businesses to find their way into
Japan in recent years.
The fundamental elements of trusts, as well as the goal and mission of trust businesses, are as described above, and trust businesses can be considered truly indispensable for a full-fledged society.
In this sense, it is only natural that the management of trust business should be
carried out primarily in the spirit of public service and not merely for the purpose of profit. This can be inferred from the fact that Japan’s law (the Trust Act)
stipulates that trusts are, in principle, free of charge, and that only trust companies
operating trusts are allowed to receive remuneration. Also, Japan’s Trust BusinessAct limits the management of trust businesses to companies and stock companies.
The reason for this is that companies, unlike individuals, are not swayed by emotions or subject to illness or death, and they possess certain advantages over individuals such as a large amount of capital, organized business operations, and awealth of knowledge and experience in socioeconomic affairs. Furthermore, stockcompanies boast advantages such as having a larger number of investors than othercorporate organizations and various supervisory bodies in place, allowing thesecompanies to fully accomplish the mission of trust businesses and command confidence, which is at the core of trusts. For these reasons, there is no doubt thatmajor trust companies that are established and managed with the utmost fidelity and integrity will, on the one hand, serve as institutions for safe and reliable
asset management and profit generation, thereby contributing to the sound development of society, and on the other hand, serve as major financial institu-

tions whose functions differ from those of banks, thereby spurring the
economic activities of the people alongside banks.
Since trust business is operated in the spirit of public service and trust companies are institutions for the public good, our plan is to play our part by establishing a trust company.
In view of the inherent qualities of trust business and trust companies, they should
not be established and managed by a small number of shareholders but should
ideally involve the participation of a wide range of volunteers. We sincerely hopethat you will offer us your full support for the establishment of this trust company.
As mentioned above, a trust company should not be established or managed merely for the purpose of profit, and since it is based on absolute confidence and theutmost integrity, the foundation of a trust must be as strong and robust as possible
and its management as safe and reliable as possible. Therefore, there are no plansfor our trust company to distribute dividends to shareholders for the first year or
two. However, in addition to its primary trust business, a trust company can engage
in a wide range of ancillary operations such as agency services, and the fees earned
from these operations, in combination with the profits earned from managementof the company’s owned assets, should gradually grow the company’s revenue.
Moreover, given the tremendous and boundless value of trusts, it is clear that trust
companies will become more familiar entities that are increasingly utilized moving
forward as the general public develops a deeper understanding of trusts, which will
create ample opportunities for trust companies to expand their ancillary operations. The current number of trust companies is extremely small, and the establishment of a new trust company must be licensed by regulatory authorities after
careful deliberation. Taking all of the above into consideration, there is no doubtthat trust companies have a promising future and will eventually achieve remarkable business results.
In light of the above, we sincerely hope that you will evaluate the future potentialof the company that we plan to establish in the spirit of public service and that you
will offer us your full support for its establishment.
April 1925

45

Ⅴ Founding Prospectuses■The Chuo Trust & Banking Co., Ltd.
Founding Prospectus
Tokai Bank, Ltd., Daiichi Trust Bank Co., Ltd., and Japan Securities Agents, Ltd. havereached an agreement to establish a new trust bank in partnership with one another.
As outlined in the Memorandum of Understanding,* the concept of the new trust bankwill involve Tokai Bank, Ltd., Daiichi Trust Bank Co., Ltd., and Japan Securities Agents,
Ltd., bringing together their respective trust-related and stock transfer agency services toestablish a new and powerful trust bank led by the three companies with the support of
the Industrial Bank of Japan, Ltd., Daiichi Bank, Ltd., and others in the securities industry,and backed by strong collaborative ties with the Nagoya business community in the Nagoya
area.
Japan’s economy has achieved remarkable growth while remaining relatively stable in recent
years. This has led to more diverse saving methods and the rising importance of stable financing along with a growing demand for new trust services to ensure proper financial
management. We believe that the establishment of a new and powerful trust bank in
response to these circumstances will be of great value to the national economy.
We will work with related parties to leverage our respective strengths and unique attributes,
and cooperate with each other to fulfill the primary functions of a trust business and tocontribute to the development of Japan’s economy while meeting the needs of the Japanese people.
May 1962*The following is an outline of the Memorandum of Understanding.
(1) The purpose of the new trust bank shall be to engage in the business of a specialized trust bank.
(2) The trade name of the new trust bank shall be“The Chuo Trust & Banking Co., Ltd.”(3) The capital of the new trust bank shall be ¥2.5 billion, which shall be composed of the following
investments.
Tokai Bank, Ltd.: ¥1 billion
Daiichi Trust Bank Co., Ltd.: ¥500 million
Japan Securities Agents, Ltd.: ¥500 million
Mr. Kiyoka Shirane: ¥250 million
Mr. Kyoichi Suzuki: ¥250 million(4) The head office shall be located within Shin-yaesu Bldg. at 1-3-1 Kyobashi, Chuo-ku, Tokyo.

(5) The new trust bank shall be established in early June 1962 and begin operations inearly August, with the execution date of business transfer for the three companies
scheduled for December 1.
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Toward the Achievement of
Financial Well-Being
Trusts provide as many solutions as there are ways to findhappiness.
We hope you will join us in taking the first step towardachieving financial well-being.
Financial well-being refers to the state of being able tolead a healthy and secure life by not having to worry aboutmoney and maintaining a healthy outlook on money.
In the age of 100-year life, happiness means different
things to everyone. There are countless ways to use, save,grow, and preserve money.
Sumitomo Mitsui Trust Group helps clients to achieve financial well-being through holistic consulting services
that take into account the future of each individual and we
aim to become the best partner that clients can trust andform long-lasting relationships with. Sumitomo Mitsui
Trust Group has declared “well-being” as one of its management strategies since FY2021 and has been working tofoster a culture of creating happiness for employees, clients, and society.

As part of our efforts to achieve financial well-being for clients,
Sumitomo Mitsui Trust Bank’s mascots Shinjiru & Takuseru also
share a variety of information on our official YouTube page (https://www.youtube.com/@SumitomoMitsuiTrustBank).

The Logo and Title, “Future Bloom”
The title of this booklet, “Future Bloom,” also the name of the Group’slogo, embodies our purpose of trust for a flourishing future. The fourtransparent petals represent the sense of mission we bear toward ourvarious stakeholders (clients, society, shareholders, and employees),with the respective colors, a reference to our Values (Codes of Conduct): “Truthfulness and Loyalty” (natural green), “Dedication andDevelopment” (golden orange), “Trust and Creativity” (blue green),and “Self-help and Self-discipline” (sky blue) (see p. 9).

Corporate Color and Elements
Our corporate color is “Future Blue,” which fuses the values embodied
by the logo and evokes a sense of the future while remaining familiar.
The cover features Future Blue as its color and incorporates the use offlower petals from the “Future Bloom” logo as elements.

100 Year Anniversary Special Website
Our 100 Year Anniversary Special Website (https://www.100th.smth.jp
Japanese Only) is now open. The website will be updated with initiatives related to our 100 Year Anniversary Project.

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