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Acquisition of All Shares of Societe Generale Private Banking Japan Ltd.(1/1)
Sumitomo
Mitsui Banking Corporation
Acquisition of All Shares of Societe Generale
Private Banking Japan Ltd.
TOKYO, July 24, 2013---Sumitomo Mitsui
Banking Corporation (gSMBCh; President: Takeshi Kunibe) hereby announces that
it has reached an agreement on the acquisition of all the issued shares of
Societe Generale Private Banking Japan Ltd., an indirectly wholly-owned
subsidiary of Societe Generale S.A., subject to clearance by the relevant
authorities etc. After this
acquisition, Societe Generale Private Banking Japan Ltd. will become a
wholly-owned subsidiary of SMBC.
With JPY 407.9 billion of assets under
management, Societe Generale Private Banking Japan Ltd. is a trust bank
dedicated to private banking, offering tailor-made wealth management solutions
to high net worth Japanese individuals, including traditional banking products,
portfolio management, investment services and trust services.
With this acquisition, SMBC aims to
enhance its high net worth individual business including wealth management and
investment advisory services for the high net worth individuals by offering the
services and products provided by SMBC and its group companies to Societe
Generale Private Banking Japan Ltd. clients and by offering Societe Generale
Private Banking Japan Ltd. high added-value trust bank services and products to
SMBC customers.
Overview of Societe Generale Private
Banking Japan Ltd. (as of March 31, 2013)
Incorporation: 1986*
Offices: 2
offices (
Total assets under management: JPY
407.9 billion
Total
assets: JPY
180.5 billion
Net
assets: JPY
3.2 billion
*
Chemical
Trust Bank, the predecessor of Societe Generale Private Banking Japan Ltd., was
incorporated in February 25, 1986.
Chemical Trust Bank changed its corporate name to Chase Trust Bank on
November 1, 1996 in relation to the merger of its parent company. Chase Trust Bank was acquired by
Sogéparticipations, a subsidiary of Societe Generale S.A. on June 17, 2002, and
changed its corporate name to Societe Generale Private Banking Japan Ltd.