Aug 24- Japan's Sumitomo Trust and Banking (8403.T) said on Tuesday that its shareholders would get 1.49 shares of Chuo Mitsui Trust Holdings (8309.T) for each Sumitomo share in their planned merger scheduled for April.
The combined firm, to be named Sumitomo Mitsui Trust Holdings, will aim for a net profit of 220 billion yen ($2.6 billion) in the year ending in March 2016, up from 125 billion yen estimated for the current financial year.
The banks said they have signed a final agreement to combine their operations in April 2011, creating Japan's largest trust banks with a scale to better compete in a crowded asset management industry. The merger plan was announced in November. (Reporting by Taiga Uranaka; Editing by Chris Gallagher)