trending Market Intelligence /marketintelligence/en/news-insights/trending/xV1zY2NRMsMX7vqvZVG8bQ2 content esgSubNav
In This List

Japan's SMBC Nikko Securities to set up unit in China

Blog

Banking Essentials Newsletter: 17th April Edition

Blog

Banking Essentials Newsletter: 7th February Edition

Case Study

A Bank Outsources Data Gathering to Meet Basel III Regulations

Podcast

Private Markets 360° | Episode 8: Powering the Global Private Markets (with Adam Kansler of S&P Global Market Intelligence)


Japan's SMBC Nikko Securities to set up unit in China

Sumitomo Mitsui Financial Group Inc. unit SMBC Nikko Securities Inc. plans to establish a wholly owned unit in China, Reuters reported Dec. 16, citing the brokerage's CEO, Yoshihiko Shimizu.

The Japanese brokerage's planned move comes as China is preparing to further open up its financial sector to foreign investors. It did not specify when it will begin operations in China, but Shimizu said he was in Beijing in November to receive approval to set up a representative office in the country.

In addition, SMBC Nikko Securities is seeking to nearly double its recurring profit from its overseas business over the next three years to about ¥20 billion. For the year ended March 31, the company reported a profit of ¥11.1 billion.

As of Dec. 16, US$1 was equivalent to ¥109.67.