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SMBC Nikko Securities, Sumitomo Mitsui Asset Management become direct units of Sumitomo Mitsui Financial

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