Daiwa Securities Aims to Boost Sales in Asia

Daiwa Securities Aims to Boost Sales in Asia

Tokyo, Oct. 22 (Jiji Press)--Daiwa Securities Group Inc. <8601>
intends to boost its sales in Asia fivefold within the next few years from
several billions of yen at present, its president said Thursday.
The company considers rapid-growing Asia as a priority region for
growth, Shigeharu Suzuki said in an interview.
The company plans to double its workforce of some 600 in the region
by the year ending in March 2012, he said. It is also considering opening
representative offices in Indonesia and Malaysia, he said.
Suzuki said investment banking and securities sales are the
priority areas that the company will focus on in the region.
The company wants to headhunt prominent analysts and investment
bankers in the areas, he said.
He brushed aside concern that the company's finances will be hurt
by credit rating downgrades that followed its retreat from a securities
venture with Sumitomo Mitsui Financial Group Inc. <8316>.
Daiwa Securities has sufficient cash, Suzuki said.
Suzuki said Daiwa Securities is not in capital alliance talks with
financial institutions in Japan or overseas, adding that he sees no need for
such moves.