Details of the fees, including the amount and the expectation that the new bank pay, as well as Honda’s experience, are reported here for the first time.
TOKYO: 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 US$4mil termination fee, according to two people familiar with the matter.
The break fee – 2,000 yen (US$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 said.
