Sumitomo Mitsui Financial Group to hire bankers for IPOs

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Sumitomo Mitsui Financial Group plans to hire about a dozen bankers for initial public offerings, a move that could challenge Nomura's stronghold as the biggest manager of debut share sales in Japan.

Bloomberg News reports that the bank’s SMBC Nikko Securities unit will increase IPO headcount to at least 100 in the next two to three years from 86 in March by recruiting specialists from other brokerages, said Hideyuki Aoki, head of investment banking.

Japan’s biggest banks are boosting fee businesses as stocks rally and shrinking interest rates crimp lending income. Now ranked second among IPO managers, SMBC Nikko is regaining ground lost after its predecessor faced an accounting scandal in 2006 and ended an alliance with Citigroup in 2009. The turmoil left the firm without a single IPO deal for two years.

'We experienced two years of humiliation', Aoki, 51, an executive officer who leads the firm’s IPO underwriting and consulting, said in an interview. 'We’ll expand the business by hiring professionals, including junior and senior bankers. The IPO industry is a small world and has very well-regarded people'.

To access the complete Bloomberg News article hit the link below:

SMFG to to Hire Dozen IPO Bankers in Challenge to Nomura

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