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The Bank of Yokohama, Ltd-Re: Regarding a Business Alliance with Sumitomo Mitsui Trust Bank, Limited(ENP Newswire Via Acquire Media NewsEdge) ENP Newswire - 30 October 2014 Release date- 29102014 - The Bank of Yokohama, Ltd. ('BOY', Representative Director and President: Tatsumaro Terazawa) is pleased to announce that on October 29, 2014, it concluded a strategic relationship agreement with Sumitomo Mitsui Trust Bank, Limited ('SMTB', President: Hitoshi Tsunekage) regarding a business alliance related to asset management and sales of investment products for retail customers, including the joint establishment of a new asset management company ('New AM Company'). 1. Background and purpose of the business alliance The BOY Group has a branch network that is centered in Kanagawa Prefecture and the southwest part of Tokyo and aims to become a bank that customers would be willing to select, by helping them with solutions that can assist customers' problem solving. The Sumitomo Mitsui Trust Group, which includes SMTB, is one of the largest financial groups in Japan with respect to the amount of assets under management and assets under custody, and it provides customers with high-value-added services by utilizing its significant expertise and comprehensive capabilities and by leveraging its unique business model that combines banking, asset management and administration and real estate businesses. Through this business alliance, BOY and SMTB (the 'Two Banks') will provide investment products that contribute to mid-to-long term and stable asset management and will enhance the services that support the building of customers' assets. The Two Banks may consider increasing the number of alliance partners. 2. Contents of the business alliance (1) Outline of the business alliance SMTB will provide to BOY its know-how regarding the sales of investment products, which is based on SMTB's 'Core and Satellite Investment Management Strategy'. With this know-how, BOY will accurately capture the asset management needs of its customers and will enhance its portfolio proposal services for mid-to-long term and stable asset building. The New AM Company will utilize SMTB's asset-management-related know-how and infrastructure and will manage investment trust products that customers can invest in over the long-term in a reliable manner and aim at stable asset growth irrespective of the timing of investment. Image of business flow (2) Outline of New AM Company The New AM Company, which is to conduct asset management business, will be established within this fiscal year, and it is expected to start operating in FY2015 after filing necessary registrations and notifications to relevant authorities. Head Office 1-1, Minatomirai 3-chome, Nishi-ku, Yokohama, Kanagawa Paid-in Capital JPY 300 million Capital Contribution BOY 66%, SMTB 34% Representative Directors The representative director and president will be the person nominated by BOY. The representative director and vice president will be the person nominated by SMTB. 3. Corporate Data of SMTB Name Sumitomo Mitsui Trust Bank, Limited Headquarters Location 1-4-1, Marunouchi, Chiyoda-ku, Tokyo Representative President: Hitoshi Tsunekage Business Trust business, Banking business Capital 342.0 billion yen Establishment July 28, 1925 4. Influence on the financial results of the BOY group Influence on the performance of the BOY group for the fiscal year ending March 2015 will be negligible. It will be announced soon if any change happens. (c) 2014 Electronic News Publishing - |