SG Private Bank - the private banking arm of the Societe General group - has made a large statement of intent with the acquisition of Chase Trust Bank Japan. The bank will create a new entity called SG Private Banking Japan that will be created by a transfer of shares on June 17. The Japanese regulators approved the deal on June 4.
As part of the deal, some Y300 billion $2.4 billion of asset will be transferred to SG Private Banking Japan to manage and run. The actual acquisition price of the transaction was not disclosed.
The new bank will offer the whole range of traditional private banking services to wealthy Japanese - services...
