DBS partners with Sumitomo Trust to boost services in Asia

Both banks signed an MOU to will enable both banks to offer an increased scope of products and services to customers across the region.

According to DBS, the strategic alliance is yet another step towards combining the complementary strengths of both banks across products and distribution channels. Last December, 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.

With the MOU, Sumitomo Trust intends to leverage DBS’ extensive network and capabilities in Asia to enhance its client offerings. The collaboration will also enable DBS to better serve its clients as they expand into Japan. DBS and Sumitomo Trust will actively cooperate with each other to realise the benefits of the strategic alliance.