Bank of Hawaii in Honolulu has formed a partnership to serve Japanese citizens looking to conduct business in Hawaii.
The $17 billion-asset company is working with SMBC Trust Bank, the private-banking unit of Japan’s second-largest banking company, to offer services such as trust planning and loans. Bank of Hawaii will also provide SMBC customers with access to private bankers and trust and real estate specialists.
SMBC will offer similar services to Bank of Hawaii clients who need private-banking services in Japan.
“Hawaii continues to provide a favorable investment environment for Japanese investors,” Peter Ho, Bank of Hawaii’s chairman, president and CEO, said in a Monday press release. “This agreement will help both banking organizations develop new and long-term client relationships.”
SMBC is part of the $1.5 trillion-asset Sumitomo Mitsui Banking Corp.
Though private-banking assets made up just 2% Bank of Hawaii’s assets as of March 31, the unit contributed about a tenth of the $54 million quarterly profit the company reported last month.