Sep 27, 2013
Tokyo, September 24th 2013 - Sumitomo Mitsui Banking Corporation (“SMBC”; 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 (“SMBC group”) 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
Re-disseminated by The Asian Banker