Switzerlands largest bank is about to enter into a joint venture with Sumitomo Mitsui Trust Bank. The new firm will provide UBS wealth management services in Japan.
UBS plans to launch a joint venture with Sumitomo Mitsui Trust Bank (SMTB). The agreement may come as soon as Friday, UBS Chief Executive Sergio Ermotti told Germany's «Handelsblatt».
UBS will hold a majority stake in the joint venture that will provide UBS wealth management services to SMTB clients. The agreement may become a pilot for similar agreements with other banks.
Conservative Consumers
The two banks are planning to go live with the service later this year. One of the key requirements is the need to get the conservative Japanese consumers to take to the new service.
The British newspaper «Financial Times» (behind paywall) said that Japanese consumers kept most of their assets away from traditional financial products.
SMTP has about 2.6 trillion francs in assets under management and is Japan›s largest banking trust, according to «Handelsblatt».
