Japan Post Bank, Sumitomo Mitsui Trust Bank and Nomura Holdings on Wednesday announced plans to set up an asset management company to develop and distribute investment products through Japan Post's nationwide branch network.
In separate news releases, the companies said Japan Post Bank — with roughly ¥177 trillion ($1.72 trillion) in deposits as of March 31, 2014 — and its affiliates will take a 50% stake in the venture, Sumitomo Mitsui Trust will take a 30% stake and Nomura, 20%.
The new firm will be capitalized at ¥500 million.
A Japan Post news release said Sumitomo Mitsui and Nomura will contribute the asset management capabilities needed to develop “simple, easy-to-understand” investment products to allow the 100 million retail clients served by post offices in Japan to steadily build wealth over the long term.
A Nomura spokeswoman said for now plans call for those products to be distributed, starting in February 2016, from 1,500 of Japan Post's 24,000 branches nationwide.
Nomura's news release said the new asset management company will contribute “to the shift from savings to investment in Japan.”
