UBS said on Monday its Japanese wealth management joint venture with SuMi TRUST Wealth Management Co. will acquire Credit Suisse’s wealth management business in Japan following the Swiss bank’s absorption of its stricken rival in 2023.
Following addition of Credit Suisse client assets in Japan, the partners will rebalance their investments in the joint venture so that the original UBS 51%/SuMi TRUST Holdings 49% ownership structure is maintained, UBS said in a statement.
UBS SuMi envisages that all of Credit Suisse’s advisors and the wealth management assets they manage in Japan will be transferred to UBS SuMi following the merger of UBS and Credit Suisse, which is due to be completed by the end of June.
Reuters