Sumitomo Mitsui Trust Bank has decided to acquire JADAT all equity, with closing expected to be October 1 completed
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Sumitomo Mitsui Trust Bank plans to acquire JADAT all equity, with closing expected to be October 1 completed.
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Sumitomo Mitsui Trust Bank to acquire JADAT all equity, making it a wholly owned subsidiary
PANews September 30 reports that, according to an official announcement by Sumitomo Mitsui Trust Bank, the bank has decided to acquire all equity in Japan Digital Asset Trust Preparation Co., Ltd. (JADAT) held by crypto exchange bitbank, making it a wholly owned subsidiary, with closing expected to be October 1 completed.JADAT Previously established by Sumitomo Mitsui Trust Bank and bitbank to provide digital asset management services; following the acquisition of all equity, the bank will advance its JADAT application for a management-type trust business license and strive to commence operations as soon as possible.
Sumitomo Mitsui Trust Bank has decided to acquire the JADAT all equity held by bitbank.
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The transaction is expected to close in October 1.
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JADAT Previously established by Sumitomo Mitsui Trust Bank and bitbank to provide digital asset management services.
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Following the acquisition, Sumitomo Mitsui Trust Bank will advance its JADAT application for a management-type trust business license.
AI-assisted interpretation
The following is analysis, separate from reported facts. Verify important claims independently.
This means that Sumitomo Mitsui Trust Bank plans to turn JADAT into its wholly owned subsidiary and promote its application for the relevant trust business license.
Why it matters to readers
If the transaction is completed as planned,JADAT ownership of the equity in will change; however, the license application and subsequent commencement of business remain future matters.
It is worth monitoring how the bank enters digital asset management services and whether its license application is approved.
Risks and unknowns
October 1 Evidence has not confirmed whether closing will be completed as planned.
JADAT The evidence does not state whether or when it can obtain a management-type trust business license and commence operations.
The transaction price, financial impact, and subsequent cooperation arrangements with bitbank have not been disclosed.
The full text of the original official announcement was not provided in the evidence.
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wholly owned subsidiary
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