The MoU is expected to enable both banks to offer an increased scope of products and services to their customers across the region.
With the MoU, Sumitomo Trust intends to leverage DBS’ network and capabilities in Asia to enhance its client offerings, while DBS can better serve its clients as they expand into Japan.
The Sinapore-based bank said that DBS and Sumitomo Trust will actively cooperate with each other to realize the benefits of the strategic alliance.
In December 2010, Sumitomo Trust and Nikko Asset Management (Nikko AM) signed an agreement to combine DBS Asset Management and Nikko AM to form one of the largest asset management companies in Asia.
