A joint venture between Japan’s Sumitomo Mitsui Trust Holdings and Swiss investment bank UBS is acquiring the Japanese wealth management business of Credit Suisse for an undisclosed sum.
The deal will see the four-year-old joint venture, UBS SuMi Trust Wealth Management Company, absorb the wealth management assets as well as Japanese adviser base of Credit Suisse, the company says in a statement on April 9.
According to company President Zenji Nakamura, 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”.
Formed in 2021, the joint venture is one of five business entities UBS operates in Japan.
UBS acquired Credit Suisse last year in a rescue of the latter orchestrated by Swiss authorities. The merger is expected to be fully completed by the end of June.
