Sumitomo Mitsui Banking Corp (SMBC) has agreed to buy French bank Societe Generale’s private banking business in Japan for an undisclosed sum.
Following the acquisition, Societe Generale Private Banking Japan will become a wholly-owned subsidiary of SMBC.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
Societe Generale Private Banking Japan has JPY407.9 billion in asset under management and offer tail made wealth management solution to high net worth Japanese individuals, including portfolio management, investment services and trust services.
With this acquisition, SMBC aims to enhance its high net worth individuals business including wealth management and investment advisory services for the HNWI’s by offering its services and products and by offering SocGen’s private banking Japan trust bank services and products to SMBC customers.
In October 2012, Japanese financial regulator temporarily suspended Societe Generale’s private banking operations in Japan for not properly monitoring an investment fund.
However, a Societe Generale spokeswoman in Paris told Reuters that the sale was unrelated to the three-month suspension of its investment trust business for institutional clients, adding that SMBC’s offer for the unit had been "unsolicited."
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataThe decision to sell the unit, which accounted for 3% of assets under management worldwide in SocGen’s private bank as of March, would allow France’s No. 2 bank to focus on markets where it wants to expand further, Reuters further quoted the spokeswoman as saying.
