Daiwa Securities Seeks 5-Fold Revenue Growth in Asia

Tokyo, Nov. 12 (Jiji Press)--Daiwa Securities Group Inc. <8601> said Thursday it will invest 100 billion yen in various parts of Asia excluding Japan by next April to drastically expand its earnings in the region with strong growth potential.

Japan's second largest brokerage group now aims to achieve a net
operating income of 53 billion yen in the region by the end of March 2012,
more than five time the current level and up 70 pct from the previous
mid-term business plan.
It will nearly double its Asian workforce to some 1,120 by that
time, in order to boost its investment banking operations.
Daiwa also plans to turn its Hong Kong unit into the group's second
headquarters by transferring such functions as management strategy planning
from the Tokyo head office. Along with the reorganization, three directors
will be added to the board, which currently has only one.
Rival Nomura Holdings Inc. <8604> is a global player, but Daiwa is
firmly resolved to become an Asian specialist, President Shigeharu Suzuki
said at the day's investment seminar.