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Mar 1, 2021 When Honda Motor Co. stopped using Sumitomo Mitsui Trust Bank Ltd. as its stock transfer agent last year, the automaker was hit with a roughly ¥426 million termination fee, according to two people familiar with the matter. The break fee ¥2,000 ($19) per shareholder is a little-known practice among Japan’s biggest trust banks applied when they lose a client in the shareholder record-keeping business, multiple insiders say. The bank to which the client transfers typically pays the fee. Insiders say this arrangement keeps a profitable business in the hands of a few big trust banks because newcomers balk at the cost. One departing client was told the charge was an “industry custom.” ....
An inside view of a Sumitomo Mitsui Trust Bank branch in Osaka (Asahi Shimbun file photo) When Japan’s Honda Motor Co. Ltd. stopped using Sumitomo Mitsui Trust Bank Ltd. as its stock transfer agent last year, the lender slapped it with a roughly $4 million termination fee, according to two people familiar with the matter. The break fee 2,000 yen ($19) per shareholder is a little-known practice among Japan’s biggest trust banks when they lose a client in the shareholder record-keeping business, multiple insiders say. The bank that takes the new client typically pays the fee. Insiders say this arrangement keeps a profitable business in the hands of a few big trust banks because newcomers balk at the cost. One departing client was told the charge was an “industry custom.” ....
Exclusive: An 'industry custom' - Little-known fees help Japan trust banks dominate profitable niche market netscape.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from netscape.com Daily Mail and Mail on Sunday newspapers.
Exclusive: An 'industry custom' - Little-known fees help Japan trust banks dominate profitable niche market yahoo.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from yahoo.com Daily Mail and Mail on Sunday newspapers.
Exclusive: An 'industry custom' - Little-known fees help Japan trust banks dominate profitable niche market channelnewsasia.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from channelnewsasia.com Daily Mail and Mail on Sunday newspapers.