Nomura Holdings has reached an agreement with Japan Post Bank and Sumitomo Mitsui Trust Bank to set up a new asset management company as well as develop asset management products.

Under the terms of the deal, Nomura will hold a 20% stake in the new company, while Japan Post Bank will hold 45% stake, Sumitomo Mitsui Trust Bank a 30% stake, and Japan Post a 5% stake.

The new joint venture will be established with capital of CNY500m.

The new firm will start distributing investment trust products through Japan Post Bank and Japan Post in February 2016, the firms said in a statement.

The new asset management firm will develop investment trust products designed to meet the needs of retail investors in the nationwide networks of Japan Post Bank and Japan Post.

The agreement will see Japan Post Bank and Japan Post appointing president and vice president for the new firm, while Sumitomo Mitsui Trust Bank and Nomura will appoint one director each.

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This collaboration, which will further boost Nomura’s asset management business in Japan, will not have a material impact on its consolidated results.