UBS SuMi to Acquire Credit Suisse's Wealth Business in Japan [BNN Bloomberg (Canada)]
SUMITOMO MITSUI TR S/ADR (SUTNY)
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Source: BNN Bloomberg
familiar with the matter, following the lender's takeover of its smaller Swiss rival last year. UBS SuMi Trust Wealth Management Co. will absorb Credit Suisse Securities Japan unit's employees and clients' assets, said the people who asked not to be identified as the information is not public. UBS Securities Japan Co. owns 51% of the JV and Sumitomo Mitsui Trust Holdings hold the other 49%. UBS, which completed the acquisition of Credit Suisse last year, provides wealth management services for clients with accounts of more than $2 million, and this standard will be applied to clients held by Credit Suisse Securities, according to the people, possibly making some accounts ineligible. The move comes as the number of affluent households in Japan has been increasing, making wealth management more attractive though the field is dominated by domestic banks. The financial assets of households with net financial assets of 500 million yen ($3.3 million) or more totaled 105 trillion yen i
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