SMBC, Barclays and Nikko join forces to serve Japan's wealthy

Sumitomo Mitsui Banking Corporation, Barclays Wealth and Nikko Cordial Securities announce a private banking joint venture in Japan.

Japanese megabank Sumitomo Mitsui Banking Corporation SMBC, Barclays Wealth, and securities company Nikko Cordial Securities which is a wholly owned subsidiary of SMBC have signed a joint venture agreement to provide wealth management services to high-net-worth individuals in Japan. 

The JV will be called SMBC Barclays Wealth Division and will operate out of Nikko, leveraging the company's operational platform as well as its related service support.

The thinking behind the JV is that it will complement SMBC's current corporate banking and consumer banking dedicated offerings. High-net-worth clients of SMBC, who will be referred to the JV, are...

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