SMFG, Daiwa eye securities merger

Wed. April 29, 2009; Posted: 01:51 PM

TOKYO, Apr 29, 2009 (The Yomiuri Shimbun - McClatchy-Tribune Information Services via COMTEX) -- SMFJY | Quote | Chart | News | PowerRating -- Sumitomo Mitsui Financial Group and Daiwa Securities Group Inc. on Thursday began discussing integration of their securities businesses for corporate clients ahead of their comprehensive business tie-up.

SMFG has a 40 percent stake and Daiwa Securities Group a 60 percent in Daiwa Securities SMBC.

The two companies are considering having Daiwa Securities SMBC, a securities firm specializing in dealing with corporate clients, integrated with part of Nikko Citigroup Ltd. and increasing SMFG's stake in the realigned company.

SMFG has obtained preferred negotiating rights to buy Nikko Cordial Securities Inc., under the umbrella of major U.S. financial group Citibank.

SMFG also plans to buy part of Nikko Citigroup, which trades securities for corporate clients.

Daiwa Securities SMBC, formerly Daiwa Securities SB Capital Markers, was established in 1999, and the Daiwa group has controlled its management. SMFG wants to have a bigger say in the company by increasing its stake.

Daiwa Securities SMBC has underwritten stocks and bonds of client companies, and Daiwa Securities Co., the Daiwa group's unit for individual clients, sold them in the market.

The two companies will supply such financial products to Nikko Cordial after SMFG places it under the group's umbrella.

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