Sumitomo Mitsui to acquire Toyota asset management firm

Sumitomo Mitsui Asset Management Co. will acquire all of the outstanding shares in Toyota Asset Management Co. with an eye on making it a wholly owned subsidiary.

The deal, under a two-stage stock transaction, is designed to expand the customer base of Sumitomo Mitsui Asset and enhance its capability to develop financial products, they said.

During the initial stage, Mitsui Sumitomo Insurance Co., a major shareholder of Sumitomo Mitsui Asset, will acquire a 50 percent stake in Toyota Asset from Toyota Financial Services Corp. on Oct. 31. Under the second stage, Sumitomo Mitsui Asset will buy the stake from Mitsui Sumitomo Insurance, while acquiring the remaining 50 percent stake in Toyota Asset from Aioi Nissay Dowa Insurance Co., thereby turning it into a wholly owned arm, the two firms said.

For more.

Also Read

Asian investor sentiment index inched higher to 16pts in 4Q13

China's M&A deal values hit record high of US$260b in 2013

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit