Sumitomo Mitsui Financial Group expands wealth management services

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Sumitomo Mitsui Financial Group’s trust banking arm plans to almost double employees in the next three years to 300 to expand services for wealthy individuals in Japan.

Bloomberg News reports that SMBC Trust Bank Ltd. seeks to boost headcount from 170 through hiring as well as transferring staff from Sumitomo Mitsui’s core banking unit, Executive Director Chiharu Yamada said in an interview on June 11. The bank manages more than $2bn for clients who have financial assets of more than $4.9m, Yamada said.

Sumitomo Mitsui’s purchase of Societe Generale’s Japan private-banking unit last year enabled it to join Mitsubishi UFJ Financial Group and Mizuho Financial Group in offering trust services. Succession planning for retiring small-business owners is one of the areas that the bank will focus on to boost assets, Yamada said.

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SMBC Trust Bank to Double Staff 

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