Nomura Holdings Inc. is in talks to form an asset-management venture with Japan Post Holdings Co. and Sumitomo Mitsui Trust Holdings Inc., said people with knowledge of the matter.
Nomura and the banking units of Japan Post and Sumitomo Mitsui Trust are considering teaming up to develop investment products for selling at the postal giant’s outlets, according to the people, who asked not to be named because the discussions are private.
Japan Post, which has more deposits than any other financial institution in the country, is seeking ways to boost profitability before an initial public offering later this year. Nomura and Sumitomo Mitsui Trust are among Japanese financial firms that are keen to tap savers who are looking to invest more of their money.
The three companies will set up a company next year, the Nikkei newspaper said earlier Thursday. Spokesmen for Nomura, Japan Post and Sumitomo Mitsui Trust declined to comment.
The negotiations are at an early stage, and the firms haven’t decided when they would form the venture or how much money each would inject, the people said. Japan Post had 24,463 branches nationwide as of May 31, its website shows.