UBS Asia expansion | Image:Wikimedia Commons
UBS announced on Monday that its Japanese wealth management joint venture with SuMi TRUST Wealth Management Co will take over Credit Suisse’s wealth management operations in Japan, following Credit Suisse’s absorption of its struggling counterpart in 2023.
With the addition of Credit Suisse’s client assets in Japan, the partners intend to adjust their investments within the joint venture to maintain the original ownership structure, with UBS holding 51 per cent and SuMi TRUST Holdings holding 49 per cent, as stated by UBS in a press release.
UBS SuMi anticipates that all of Credit Suisse’s advisors and the wealth management assets under their management in Japan will transition to UBS SuMi upon the completion of the UBS and Credit Suisse merger, slated to conclude by the end of June.
Need for stronger backs to improve competitiveness
Recently speaking at a conference in Italy, UBS Chief Executive Officer Sergio Ermotti also highlighted the importance of Europe fostering the development of stronger banks to improve their competitiveness on a global scale.
Ermotti highlighted the necessity of proactive measures rather than relying solely on crises to spur bank mergers, stating, “We can’t just wait for a crisis to prompt or facilitate the consolidation of banks.”
(With Reuters inputs)
