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Growing opportunities in the regional financial sector prompted Japanese brokerage Nikko Cordial Securities Inc to expand its existing Hong Kong office through the 100 percent acquisition of Primasia Securities (Asia) Ltd. In an announcement made today (December 1), the company will be renamed SMBC Nikko Securities (Hong Kong) Ltd and the new brand will officially start operations on January 4, 2011.
SMBC Nikko Securities (Hong Kong) Ltd will offer services encompassing initially Japanese equity brokerage and merger and acquisition advisory.
President of SMBC Nikko Securities (Hong Kong) Ltd, Mr Masashi Maruyama, said, "The rebranding of our Hong Kong branch is an important step of Nikko Cordial's plan to tap into the overseas market and expand its global network, providing a foundation for its development in the Greater China market."
Through the acquisition of Primasia Securities (Asia) Ltd, which holds Type 1 and Type 4 licenses under the Securities and Futures Ordinance, SMBC Nikko Securities (Hong Kong) Ltd will also be able to carry out regulated activities including dealing and advising on securities.
Associate Director-General of Investment Promotion at Invest Hong Kong, Mr Charles Ng, said, "As China's global financial centre, Hong Kong has a unique role as a point of rendezvous between the East and the West and as a gateway between China and the world. We are delighted to see more and more financial institutions are choosing Hong Kong as a base from which to expand their businesses in Asia."
Mr Ng warmly welcomed Nikko Cordial Securities Inc's business expansion in Hong Kong and wished the company every success in its business in Hong Kong and the region.
About Nikko Cordial Securities Inc
Established in 2009 (in business since 1920), Nikko Cordial Securities Inc is a Japanese brokerage firm. The company operates 109 branches across Japan, as well as two representative offices and four subsidiaries outside Japan, employing about 7,000 people worldwide. In 2010, the company renamed its Hong Kong arm as SMBC Nikko Securities (Hong Kong) Ltd after the 100 percent acquisition of Primasia Securities (Asia) Ltd. For more information, please visit www.nikko.co.jp.
About Invest Hong Kong
Invest Hong Kong is the department of the Hong Kong Special Administrative Region (HKSAR) Government established in July 2000 to take responsibility for Foreign Direct Investment and support overseas, Mainland and Taiwanese businesses to set up or expand in Hong Kong. It provides free advice and customised services to help businesses succeed in Hong Kong's vibrant economy. As it celebrates its 10th anniversary, Invest Hong Kong has completed over 2,000 investment projects creating over 25,000 new jobs in the first year of operation or expansion and HK$52 billion of investment. For more information, please visit www.investhk.gov.hk.
Ends/Wednesday, December 1, 2010
Issued at HKT 15:25
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