Sumitomo Mitsui, on the other hand, would risk a political uproar by exercising the option.
ECONOMIST: A curious proposal by one of Japan's biggest banks
Still, some reckon that a bid could prove a politically astute move for Sumitomo Mitsui.
ECONOMIST: A curious proposal by one of Japan's biggest banks
Sumitomo Trust is also said to be part of the portable-pensions initiative, along with America's Citibank.
They are, from the top, Mitsubishi UFJ, MitsuiSumitomo, Mizuho, Resona, Sumitomo Trust, and ChuoMitsui Trust.
Other investing partners include General Electric, Sumitomo Corporation of America and Tyr Energy.
Post the deal with Sumitomo, Kotak will have 46% and Mahindra just under 3%.
China Construction Bank and Sumitomo Mitsui are among those considering buying Rabobank's Indonesian subsidiary.
Itoh, Mitsui, Mitsubishi, Nippon Steel, NKK Corporation, Sumitomo Metal Industries and Kawasaki Steel Corporation, have been adversely affected.
Market rumours in New York that Sumitomo Bank was in trouble forced it to issue a categorical denial.
Another example, which no one really realised, was the Sumitomo epoxy resin plant that burnt down in 1993.
In October Sumitomo Corporation, a trading company, sold Sumisho Alis, which distributes office equipment, to the subsidiary's president.
Others already experiencing the effect of Chinese boycotts include Kamatsu, Panasonic, Sharp, Mitsubishi Heavy, Sumitomo, and Toyo Tire.
Sumitomo had developed a chemical that you could impregnate into a polyethylene-based fiber.
By offering to take on Aozora, Sumitomo Mitsui might be calculating that it is building up political, not financial, capital.
ECONOMIST: A curious proposal by one of Japan's biggest banks
Sumitomo and outfits like it realize they must modernize their financial technology or lose out to rivals like Fidelity Investments.
At Sumitomo Bank, for example, staff are encouraged to drink only Asahi beer because the brewery is in its keiretsu.
Carbon traders in London and New York grasped the arbitrage opportunity immediately, as did corporations like Ineos Fluor and Sumitomo.
The stocks of Mitsubishi UFJ Financial Group (NYSE:MTU) are up 65% and those of Sumitomo Mitsui Financial Group (NYSE:SMFG) up 75%.
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It's a virtual printing press for carbon certificates that its backer, Sumitomo, can sell or use to offset its obligations under Kyoto.
Critics -- including Woodford and Institutional Shareholder Services -- opposed the "insider" appointments, questioning Kimoto's ties to Sumitomo, the company's biggest lender.
Sumitomo Metal, for example, would be expected to give a decent chunk of its pension money to Sumitomo Bank's investment advisory firm.
Last month, for example, RBS agreed to sell its aircraft-leasing unit to a group led by Japan's Sumitomo Mitsui Financial Group Inc.
Large trading corporations, such as Mitsubishi, Mitsui and Sumitomo, or large companies, such as DoCoMo, do make strategic acquisitions of established young companies.
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Both companies have been involved in scandals, Nomura for paying millions of yen to sokaiya, and Sumitomo for losing billions of yen trading copper.
It is reported that the transaction is being funded entirely by loans from four banks: Mizuho Financial, Sumitomo Mitsui Financial, Mitsubishi UFJ and Deutsche Bank.
Sakura Bank (which recently announced a merger with Sumitomo) is strong in Thailand, thanks to its role as financier to the Mitsui group of companies.
Sumitomo Mitsui is not the only big bank making odd moves.
ECONOMIST: A curious proposal by one of Japan's biggest banks
Toyota Motor (TM), Canon (CAJ) and Sumitomo Mitsui Financial Group (SMFG).
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Sumitomo says it hopes to expand to other parts of Europe, including Portugal and Spain, as well as the U.S., and later into Southeast Asia.
Banking shares were among the gainers in Japan, with Sumitomo Mitsui Financial Group up 2.2%, Mizuho Financial Group up 2.9% and Nomura Holdings 2.8% higher.
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