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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.