Monex Group acquires 90% of Shiawase Partners Trust
Shiawase Partners Trust will become a consolidated subsidiary of Monex and will have its name changed to Monex SP Trust, Inc.
Online trading services provider Monex Group, Inc. (TYO:8698) today announces the acquisition of shares of Shiawase Partners Trust Co., Ltd. The brokerage says it acquired 90% of Shiawase Partners Trust.
The plan is to make Shiawase a consolidated subsidiary of Monex and to change its name to Monex SP Trust, Inc. Via the deal, the brokerage aims to add provision of trust services to its offering in a move that that will strengthen and broaden the variety of Monex’s financial services.
The acquisition is not set to have any impact on Monex’s consolidated financial business performance.
The deal may be interpreted as an attempt by Monex to further diversify its business portfolio. The last acquisition undertaken by Monex Group was that of troubled virtual currency exchange Coincheck, Inc. back in the spring of 2018.
On April 6, 2018, the broker confirmed earlier media reports that it would buy the Exchange, which was hit by a virtual currency theft in January 2018. The deal, which covers 1,775,267 shares in Coincheck, is valued at JPY 3.6 billion. On April 16, 2018, the deal was finalized.