Sumitomo Mitsui Financial Group and SBI Holdings plan to jointly provide wealth management services for well-to-do customers in Japan,with the aim of overseeing investments worth ¥10 trillion ($69 billion) in five years.
The new joint venture will be funded by SMFG and two group firms — Sumitomo Mitsui Banking and SMBC Nikko Securities — as well as SBI Holdings and its flagship domestic brokerage, SBI Securities, according to a statement on Monday.
“The widespread adoption of mobile financial services is expected to accelerate the growth of the digital affluent segment, creating a significant market opportunity,” said Toru Nakashima, SMFG’s chief executive officer, at a news conference. He said the joint venture aims to become profitable in three years, and is aiming for pretax profits of ¥10 billion in five years.
