UBS Joint Venture Prepares to Acquire Credit Suisse’s Business in Japan

UBS Group AG has disclosed its intention to acquire Credit Suisse’s wealth management business in Japan through its joint venture (JV) with SuMi TRUST Wealth Management Co.

As part of the agreement, UBS Group and SuMi will adjust their investments to maintain the original ownership structure, with UBS retaining a 51% stake and SuMi holding 49% in the venture, following the integration of Credit Suisse’s client assets.

UBS Group (Credits: Arnd Wiegmann)

The UBS-SuMi JV, established in August 2021, will absorb CS’ advisors and wealth management assets in Japan upon the completion of the UBS-CS merger, anticipated by June 2024.

In June 2023, UBS Group finalized the acquisition of Credit Suisse, a transaction facilitated by regulatory intervention.

The acquisition aimed to bolster wealth and asset management capabilities and support the expansion of capital-light businesses. (Credits: Denis Balibouse)

The integration process is progressing as scheduled, with completion expected by the end of 2026.

In recent years, UBS Group has fortified its global presence and extended its operations through strategic partnerships and acquisitions, underscoring its growth strategy.

Credit Suisse in Switzerland (Credits: Credit Suisse)

The Global Wealth Management segment remains the primary revenue driver, boasting $3.8 trillion in invested assets as of December 31, 2023. UBS holds a leading position in Asia, Latin America, EMEA, and Switzerland in terms of invested assets.

With a target to surpass $5 trillion in invested assets by 2028, UBS demonstrates a steadfast commitment to substantial growth and expansion in the coming years.

UBS shares have surged 27% on the NYSE in the last six months, outpacing the industry’s 17% growth.

Josh Alba
Josh Alba
Josh Alba stands at the forefront of contemporary business journalism, his words weaving narratives that illuminate the intricate workings of the corporate world. With a keen eye for detail and a penchant for uncovering the underlying stories behind financial trends, Josh has established himself as a trusted authority in business writing. Drawing from his wealth of experience and relentless pursuit of truth, Josh delivers insights that resonate with readers across industries.
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