Sumitomo Mitsui Financial Group (TYO:8316) and SBI Holdings (TYO:8473) are forming a joint venture to offer wealth management services to affluent clients in Japan, according to Bloomberg News on Monday, citing a top official.
The two companies plan to manage 10 trillion yen or $69 billion in investments within five years, the newswire said.
The venture will be jointly funded by SMFG and its subsidiaries, along with SBI Holdings and SBI Securities Co, added the report.
The report cited Sumitomo Mitsui Financial Group CEO, Toru Nakashima, who anticipated profitability within three years and 10 billion yen in pre-tax profits in five years for the JV.
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