SMBC Nikko Securities, a unit of bank Sumitomo Mitsui Financial Group, is setting up a niche investment banking team in New York, its chief said, testing the waters of global finance just as domestic rival Nomura scales back.
Reuters reports that the team will focus on mergers and acquisitions and then debt capital markets in business areas where the brokerage's parent has strong historical links, SMBC Nikko President and Chief Executive Yoshihiko Shimizu said in a recent interview.
The team will grow to around 10 members by March next year, said Shimizu, a 38-year veteran of Japan's banking industry but newly installed at the head of Japan's third-biggest brokerage by assets.
"We're going ahead in the industries where we're strong, where we've got a strong entrance ticket," said Shimizu, referring to sectors including pharmaceuticals, raw materials and technology. "We'd be foolish if we didn't use those links."
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