SMBC NikkoSecurities Inc. and became direct units of ,ahead of SMBC Nikko Securities' planned merger with SMBC Friend Securities Co. Ltd. in January 2018.
Sumitomo Mitsui Financial now owns a 100% stake in SMBCNikko Securities and a 60% stake in Sumitomo MitsuiAsset Management.
The move took effect Oct. 1 when distributed shares of SMBC Nikko Securities and Sumitomo Mitsui AssetManagement to Sumitomo Mitsui Financial as a dividend in kind, according to anOct. 3 statement.
SMBC Nikko Securities will emerge as the surviving entityafter the merger of SMBC Nikko Securities and SMBC Friend Securities and willbecome a wholly owned direct subsidiary of Sumitomo Mitsui Financial.
The remaining 40% stake in the asset management firm is heldby Sumitomo Mitsui Financial units Sumitomo Life Insurance Co. and