News Release


Notice regarding Making Societe Generale Private Banking Japan Ltd. a Wholly-owned Subsidiary of Sumitomo Mitsui Banking Corporation(1/1)

 

Sumitomo Mitsui Banking Corporation

Societe Generale Private Banking Japan

 

Notice regarding Making Societe Generale Private Banking Japan Ltd. a Wholly-owned Subsidiary of Sumitomo Mitsui Banking Corporation

 

TOKYO, September 24, 2013--- Sumitomo Mitsui Banking Corporation (gSMBCh; President: Takeshi Kunibe) has obtained the clearance by the relevant authorities on the acquisition of all the issued shares of Societe Generale Private Banking Japan Ltd. (President and Chief Executive Officer: Laurent Depus), an indirectly wholly-owned subsidiary of Societe Generale S.A.

On the basis of the above, SMBC hereby announces that it schedules to make Societe Generale Private Banking Japan Ltd a wholly-owned subsidiary of SMBC on October 1, 2013, and simultaneously changes the corporate name of Societe Generale Private Banking Japan Ltd to SMBC Trust Bank Ltd.

 

1.          Making Societe Generale Private Banking Japan Ltd. a Wholly-owned Subsidiary of SMBC

SMBC will make Societe Generale Private Banking Japan Ltd. a wholly-owned subsidiary of SMBC on October 1, 2013 pursuant to the clearance by relevant authorities.

SMBC and its group companies (gSMBC grouph) have positioned its private banking business for high net worth individuals as an important strategic area, and continued to enhance it through the collaboration and cooperation within SMBC group.

Societe Generale Private Banking Japan Ltd, which is scheduled to become a wholly-owned subsidiary of SMBC, has several service portfolios such as offering tailor-made wealth management solutions by using its trust services, which SMBC group does not provide at this moment.

With this acquisition, SMBC will be able to meet diversifying customer needs by offering further extensive products.

 

2.          New Corporate Name

SMBC Trust Bank Ltd.

*Location of the office and phone number remains unchanged after this transaction.

 

3.          Scheduled Date of Completion of Acquisition and Change of Corporate Name

October 1, 2013

 

(Note) 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

 

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