BNP Paribas: agreement in Japan with Sumitomo Mitsui.

(CercleFinance.com) - Sumitomo Mitsui Trust Bank has entered into a cooperation agreement in Japan with BNP Paribas Cardif, an insurance subsidiary of the French banking group.
This will include an exchange of local actions, whose terms have not been specified.

In detail, Cardif's subsidiaries (life and non-life) in Japan are being transformed into companies under Japanese law. When this occurs, their capital will be opened to Sumitomo Mitsui, which will take 20% of the shares.

The transaction is expected to be closed in the first half of the fiscal year 2018.

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