Sumitomo Mitsui Financial Group, a Japanese firm, intends to increase its work staff across trust banking unit by nearly two-fold to 300 in a bid to expand its wealth management business in the country.
The 2013 purchase of Societe Generale by Sumitomo Mitsui has enabled the latter to foray into trust services business.
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Sumitomo Mitsui executive director, Chiharu Yamada, told Bloomberg in an interview that SMBC Trust Bank is planning to increase staff from current 170 through hiring and transferring staff from Sumitomo Mitsui’s core banking unit.
Yamada revealed that offering succession planning services for retiring small-business owners is one of the areas that the bank is keen to bank on to boost assets.
"Japan’s aging population is a big theme, especially for the rich who need to pass their business and wealth on to the next generation. I’m confident that we can increase wealth assets under management to 300 billion yen soon," Yamada added.
In addition, SMBC Trust is also looking to further its real-estate brokerage services to increase fee income.
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