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Nikko Cordial to establish London unit.

Global Banking News-15 December 2009-Nikko Cordial to establish London unit(C)2009 ENPublishing - http://www.enpublishing.co.uk

Global Banking News - 15 December 2009(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk

Nikko Cordial Securities Inc is planning to set up a subsidiary in London before the end of next September, its first base there since withdrawing from the market in 1998, The Nikkei has reported.

The brokerage had operated under the group umbrella of Citigroup Inc (8710.TO) until last September. Since its acquisition by Sumitomo Mitsui Financial Group Inc (SMFG) (8316.TO) on October 1, Nikko Cordial has maintained ties with Citigroup in some overseas operations.

The new unit will serve as a major centre for overseas wholesale operations, such as underwriting Euroyen bonds issued by Japanese companies.

Nikko Cordial, which has established a preparatory office on Monday, will also explore the possibility of eventually having the London unit partner with parent Sumitomo Mitsui Banking Corporation.

[Editorial queries for this story should be sent to gbn@enpublishing.co.uk]

((Distributed via M2 Communications - http://www.m2.com))

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Publication:Global Banking News (GBN)
Date:Dec 15, 2009
Words:181
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