Three Mitsubishi Tokyo Financial Group Inc. companies said Monday they will jointly set up a securities firm in Switzerland to provide comprehensive wealth-management services.
The Bank of Tokyo-Mitsubishi, Mitsubishi Trust & Banking Corp. and Kokusai Securities Co. said they will establish Mitsubishi Tokyo Wealth Management (Switzerland) Ltd. in Geneva in May. The new firm will take over the private-banking operations of the Geneva branch of the Bank of Tokyo Mitsubishi (Switzerland).
The company will be owned 60 percent by Tokyo-Mitsubishi, 30 percent by Kokusai Securities, and 10 percent by Mitsubishi Trust, they said in a joint news release.
The three said they will also form Mitsubishi Tokyo Wealth Management Securities Ltd. in Tokyo as a wholly owned subsidiary of the new Swiss firm in late February.
Tokyo-Mitsubishi's private-banking knowhow accumulated in Switzerland, Kokusai Securities' family-office services for wealthy households and Mitsubishi Trust's asset management operations are expected to drive the venture, they said.
Asahi Bank delisted
Asahi Bank said Monday its common shares had been delisted from the London Stock Exchange and the Swiss Stock Exchange.
The bank said the delisting, which occurred Friday, is in line with its plan to become a wholly owned subsidiary of Daiwa Bank Holdings Inc. on March 1.
The integration will create Japan's fifth-largest banking group, with 50.4 trillion yen in combined assets.
Daiwa Holdings was formed Dec. 12 through the integration of the Osaka-based Daiwa Bank and regional banks Kinki Osaka Bank and Nara Bank. Asahi Bank will be delisted from the Tokyo Stock Exchange on Feb. 25.