Barclays: Private Banking Joint Venture In Japan

1st Jul 2010 07:18

LONDON (Dow Jones)--Barclays PLC (BARC.LN) said Thursday Barclays Bank PLC inked a joint venture agreement with Sumitomo Mitsui Banking Corp. and Nikko Cordial Securities Inc., a unit of Sumitomo Mitsui, to provide wealth management services to high net worth individuals in Japan. MAIN FACTS: -The venture has been set up as SMBC Barclays Wealth Division operating within Nikko, and leverages Nikko's operational platform as well as related service support. -The venture is co-headed by Yukihide Sakai (seconded by Barclays), Hisatsugu Yoshida (seconded by SMBC)and Kiyokazu Watanabe (from Nikko); The three heads will be jointly responsible for the development and marketing of the private banking services of the venture, and the growth strategy of the business. -Initially, the venture will concentrate on the provision of private banking services for high net worth individuals in Osaka, Tokyo and Yokohama, with gradual expansion to other areas. -No consideration is being paid and no assets are being transferred; Barclays is providing seconded employees and operational support. -Shares of Barclays on Wednesday closed at 270.6 pence, valuing the company at GBP32.59 billion. -By Tapan Panchal, Dow Jones Newswires. Tel +44(0)207-842 9448, [email protected] (END) Dow Jones Newswires July 01, 2010 02:18 ET (06:18 GMT)