INTERVIEW: Daiwa Sec. to Set Up Joint Brokerage Venture in China
Tokyo, Aug. 24 (Jiji Press)--Japan's Daiwa Securities Group Inc. <8601> will set up a joint brokerage venture in China with a local firm, President Seiji Nakata has said.
"We cannot ignore China, considering the size of its economy," Nakata said in a recent interview.
The major Japanese brokerage house will decide which Chinese company to partner with and work out details of the joint unit, such as the investment ratio, by the end of this year. It hopes to seek Chinese authorities' approval for the new firm as soon as possible.
The move follows the Chinese government's decision to allow foreign financial institutions to take majority stakes in domestic companies.
Daiwa will be operating a joint venture in China for the first time since 2014.
[Copyright The Jiji Press, Ltd.]