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8411 - Mizuho Financial Inc News Story

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Sector
Financials
Size
Large Cap
Market Cap £26.01bn
Enterprise Value £31.83bn
Revenue £19.83bn
Position in Universe 30th / 3862

Japan's SMFG brokerage arm to set up office in Abu Dhabi

Mon 29th June, 2020 9:00am
By Takashi Umekawa and Takaya Yamaguchi
    TOKYO, June 29 (Reuters) - The brokerage arm of Japan's
Sumitomo Mitsui Financial Group (SMFG)  8316.T  plans to set up
an office in Abu Dhabi as it seeks to tap the $80 billion debt
capital market (DCM) in the Middle East, its chief executive
said.
    With the world's third largest economy in recession,
Japanese brokerage firms are focusing more on their overseas
strategies and are looking abroad to raise revenue.
    The SMFG unit, SMBC Nikko Securities, is the first among
Japanese brokerage firms to open an office in Abu Dhabi, while
other brokerages already have offices in neighbouring Dubai.
    "We are aiming to open a business location in Abu Dhabi, not
Dubai, because our group's banking unit has a strong network
there," Chief Executive of SMBC Nikko Securities Yuichiro Kondo,
who took his post in April, has told Reuters.
    The brokerage unit plans to start work in the largest member
of the United Arab Emirates federation "as soon as possible,"
said Kondo, but he said it was hard to gauge how long the
regulatory approval process would take due to the COVID-19
pandemic.
    Nomura Holdings  8604.T  and the brokerage units of
Mitsubishi UFJ Financial Group  8306.T  and Mizuho Financial
Group  8411.T  have offices in Dubai.
    Kondo also said he is considering opening an office in Paris
to tap mainly debt capital markets in France and in other
Southern European countries such as Spain and Italy. SMBC Nikko
already has a business location in Frankfurt.
    Japan's debt capital market totalled about 15 trillion yen 
($140.07 billion) in the last fiscal year. 
($1 = 107.0900 yen)

 (Reporting by Takashi Umekawa and Takaya Yamaguchi; Editing by
Ana Nicolaci da Costa)
 ((Takashi.Umekawa@thomsonreuters.com;))
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