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Sumitomo Mitsui eyes 40% stake in Daiwa Securities unit.

TOKYO, March 24 Kyodo

Sumitomo Mitsui Financial Group Inc. is considering acquiring a 40 percent stake in Daiwa Securities SMBC Principal Investments Co., an investment unit of Daiwa Securities Group Inc., by the end of this year, the Nihon Keizai Shimbun reported Thursday.

The report said SMFG plans to directly take such a sizable stake in the investment firm to boost synergies by combining its own customer base with the investment firm's expertise.

The Daiwa Securities Group is also expected to take a stake in the investment firm, a wholly owned subsidiary of Daiwa Securities SMBC Co., the report said.
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Publication:Japan Weekly Monitor
Geographic Code:9JAPA
Date:Mar 28, 2005
Words:100
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