Sumitomo Mitsui Financial Group (SMFG), Barclays team up for private banking in Japan

The Sumitomo Mitsui Financial Group (SMFG) and the UK's Barclays have announced that they will team up to start a private banking business in Japan. The companies will create a joint venture to be named the SMBC Barclays Wealth Division, and will target individuals with at least JPY500m of assets. Also involved will be Nikko Cordial Securities, which is now owned by SMFG. ($1=88.54 Yen) (Source: TT commentary from reuters.com)