SMBC Nikko Securities Inc., the security agency of Japan’s second largest bank, will open new branches around the world including Abu Dhabi, as part of expansion plans.
The move according to company’s President Yuichiro Kondo is subject to regulatory approval.
“Overall, we are on the offensive,” he said in an interview with Bloomberg.
“Tough times bring opportunities.”
While ready to conquer other markets, Kondo argues that he will very conscious with cost.
The firm which offers mainly stocks investment, investment trusting, fund management, securities investment according to Bloomberg has garnered the capital need for the expansion policy because of restrained overseas investment in the past.
SMBC Nikko Securities Inc. earned 15.3bn yen ($143m) before taxes in the year ended March from its overseas operations. It aims at doubling the amount by the year ending March 2023, Bloomberg notes.
The expansion plans is line with parent company, Sumitomo Mitsui Financial Group’s strategic roadmap. The group is targeting an increase in its headcount overseas as result of fallout from the covid-19 pandemic which has cut down Japan’s growth potential.
Aside from Abu Dhabi, SMBC Nikko Securities Inc. will also set up a branch in Paris.
SMBC Nikko Securities to open branch in Abu Dhabi in line with expansion plan
