08:08 AM EDT, 04/08/2024 (MT Newswires) -- UBS Group ( UBS ) and Sumitomo Mitsui Trust said Monday that their UBS SuMi TRUST Wealth Management joint venture in Japan will buy Credit Suisse's wealth management business in the country.

Upon acquisition, UBS will retain its 51% stake in the joint venture, while Sumitomo will own the remaining 49%, the companies added.

Financial terms weren't disclosed.

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