Chase Manhattan Corp. is negotiating to acquire the overseas securities custody business of Toyo Trust and Banking Co., according to reports in the Japanese press.

As part of the deal, Toyo Trust, Japan's fifth-largest bank, could take over some administrative functions for Chase's investment trust business in Japan, the press accounts said.

A spokesman for Chase would not comment. Chase, with $366 billion of assets, is the largest asset custodian, with more than $5 trillion under administration.

Such a deal would complete Toyo Trust's withdrawal from business outside Japan. The bank, along with many of Japan's other large financial institutions, is restructuring to exit unprofitable businesses and focus more on domestic operations.

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