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Nomura, LINE to set up securities JV in June

Nomura Holdings Inc. and LINE Corp. signed an agreement to establish a brokerage joint venture on June 1.

LINE provides a platform for mobile messaging and communication services, content distribution and related services in Japan and other countries.

Under the agreement, Nomura and LINE unit LINE Financial Corp. will establish LINE Securities Corp., which will offer remote securities brokerage and securities investment consultation services over the LINE platform. The company will commence operations after registration.

The new venture is part of a financial business alliance that Nomura and LINE signed in March that is focused on the securities business.

LINE Securities will have a capital of ¥10 billion with LINE Financial owning 51% of the company and Nomura holding the remaining 49%.

LINE has recently been active in the financial industry. In March, a media report said the company was in talks with Taiwan's Financial Supervisory Commission to open web-only banks in Taiwan. In April, it signed a cooperation contract with Japan's Sompo Japan Nipponkoa Insurance Inc. to set up a smartphone-based nonlife insurance sales channel by the year's end.

As of May 24, US$1 was equivalent to ¥109.21.