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Ogaki Kyoritsu Bank launches brokerage unit OKB Securities

Japanese regional lender Ogaki Kyoritsu Bank Ltd. launched a fully owned brokerage, OKB Securities Co. Ltd.

OKB Securities will offer financial products through the bank's 118 branches in central Japan, the Nikkei reported. It is capitalized at ¥1.5 billion with 100% funding from the parent entity.

Former Daiwa Securities executive Eiji Aoki has been appointed president of the brokerage, which opened for business Oct. 7.

As of Oct. 7, US$1 was equivalent to ¥106.98.