Barclays Wealth is understood to be close to
setting up a private banking joint venture with
Japan’s Sumitomo Mitsui Banking Corporation (SMBC) to help
cement its business in the world’s fourth largest regional wealth
management industry.
A spokesperson said Barclays continued
to be in ongoing discussions with SMBC on a wealth management joint
venture.
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Private banks are rushing to set up joint
ventures and extend their offices throughout Asia-Pacific as the
region is predicted to be an engine for growth across the industry,
according to Boston Consulting Group’s (BCG) latest global wealth
report.
The BCG report found assets under management
in Japan have almost returned to pre-crisis levels, totalling
$14.9trn in 2009.
Earlier this month, Australian bank ANZ opened
a new wealth management sub-branch in Nagoya, Japan’s third
largest metropolitan area, as part of its focused growth plans
to service affluent clients in Japan’s key cities.
Barclays Wealth already has offices in Hong
Kong, Singapore and India.
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