UBS and SuMi Trust joint venture to acquire Credit Suisse wealth management business in Japan
UBS SuMi Trust Wealth Management Company, the joint venture between Swiss banking giant UBS and Tokyo-headquartered Sumitomo Mitsui (SuMi) Trust Holdings, is set to acquire the Japanese wealth management business of Credit Suisse.
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The joint venture was launched by UBS and SuMi Trust in August 2021 and is one of five business entities UBS operates in Japan, alongside UBS Japan Securities, UBS AG Tokyo Branch, UBS Asset Management (Japan), and UBS Japan Advisors.
The terms of the purchase have not been disclosed.
UBS SuMi Trust Wealth Management Company will absorb Credit Suisse’s Japanese advisor base as well as the wealth management assets held under the unit’s remit.
Following the deal, the partners will “rebalance” their investments in the joint venture in order to maintain its original ownership structure, which is split 51% to 49% between UBS and SuMi Trust Holdings respectively.
Zenji Nakamura, president of UBS SuMi Trust Wealth Management Company and Japan country head for the bank, comments that the deal is “a solid vote of confidence in our joint venture business model and the value we are adding with Credit Suisse talent and assets”.
The acquisition comes as UBS continues its integration of Credit Suisse following its acquisition of the investment bank last year, with plans to fully complete the merger by the end of June this year.
