News Release


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 (gSMBCh; 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 (Tokyo headquarters and Osaka branch)

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.

 

 




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