|
 |
|
|
|
|
|
|
Saturday February 12, 08:14
|
|
Sumitomo Mitsui, Daiwa Hold Talks to Increase Cooperation
(by Sh. Nakata)
|
|
Sumitomo Mitsui Financial Group Inc. and Daiwa Securities Group Inc. will hold talks to increase cooperation.
Major Japanese media, including the Nihon Keizai Shimbun, reported Thursday that SMFG, Japan’s third-biggest bank, and Daiwa, the country’s second-largest securities house, would negotiate merger which was denied by both companies.
Yoshifumi Niishikawa, Sumitomo Mitsui President, said there’s “no concrete truth” in the media reports but didn’t reject the opportunity of strengthening ties between the bank and the big brokerage firm.
“We are already close to each other, and there may be a case for [closer cooperation], but there is nothing like a set schedule for a merger,” he told the reporters on Thursday. “I don’t know what will happen from this point on.”
Both companies separately stated on Thursday they were considering closer ties, but did not to enter full-fledged talks for a merger.
Since 1999 Sumitomo Mitsui and Daiwa have had a joint investment-banking business, Daiwa Securities SMBC which managed $11.6 billion in Japanese mergers and acquisitions last year. Also they own a wholesale securities joint venture. Moreover, shares of both Sumitomo Mitsui and Daiwa rose on the developments.
So the merger could mean that Sumitomo Mitsui would quit contention to acquire the country’s fourth largest bank UFJ Holdings Inc. for control of which it has been competing with No. 2 bank Mitsubishi Tokyo Financial Group Inc.
|
|
All banking news
|
|
|
|
|
|
|
|
|
|
 KEYWORD SEARCH |
|
|
|
|
|
SUBSCRIPTION |
|
|
|
|
|