The Japanese wealth management joint venture of UBS Group AG (NYSE:UBS) and SuMi TRUST Wealth Management Co is set to acquire the wealth management business of Credit Suisse in Japan.
What Happened: This acquisition comes after UBS’s takeover of its Swiss competitor in 2023. The agreement will transfer all of Credit Suisse’s advisors and the wealth management assets they manage in Japan to UBS SuMi. Reuters reported that the merger between UBS and Credit Suisse is expected to be finalized by the end of June.
See Also: Bitcoin, Ethereum, Dogecoin Surge Despite Hawkish Remarks From Fed President—Analysts Predict King Could Now Go Vertical With Several Critical Indicators In Alignment
Following the acquisition, the partners will adjust their investments in the joint venture to maintain the original ownership structure of UBS 51% and SuMi TRUST Holdings 49%, as stated by ...