(Bloomberg) -- UBS Group AG’s joint venture firm in Japan will acquire Credit Suisse’s wealth management business in the country, following the lender’s takeover of its smaller Swiss rival last year.

UBS SuMi Trust Wealth Management Co. will absorb Credit Suisse Securities Japan unit’s employees and clients’ assets, the JV said a statement. UBS Securities Japan Co. owns 51% of the JV and Sumitomo Mitsui Trust Holdings hold the other 49%.

UBS, which completed the acquisition of Credit Suisse last year, provides wealth management services for clients with accounts of more than $2 million, and this standard will be applied to clients held by Credit Suisse Securities, according to people familiar with the matter, possibly making some accounts ineligible.

The move comes as the number of affluent households in Japan has been increasing, making wealth management more attractive though the field is dominated by domestic banks. The financial assets of households with net financial assets of 500 million yen ($3.3 million) or more totaled 105 trillion yen in 2021, compared to 46 trillion yen in 2005, according to a study by Nomura Research Institute. 

Across the Asia-Pacific region, UBS is planning to shut smaller-value Credit Suisse wealth accounts numbering in the low thousands and the lender is reviewing the accounts with a balance of around $2 million or less.

Read more: UBS to Shut Thousands of Smaller Credit Suisse Asia Accounts

(updates with official announcement)

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