Major Brokers Making Tie-Up Approaches to Regional Banks

Economy

Tokyo, March 15 (Jiji Press)--Major Japanese securities companies are making tie-up approaches to regional banks, aiming to expand their sales channels for investment trusts and other financial products amid the toughening business environment in the financial industry.

Brokerage giant Nomura Holdings Inc. <8604> spearheaded such moves. It reached a basic agreement with San-in Godo Bank <8381>, based in the western city of Matsue, Shimane Prefecture, over a comprehensive tie-up in August last year.

Under their plans, San-in Godo Bank will scrap its brokerage unit and the bank itself will sell investment trusts and other financial products.

Nomura will select financial products and manage securities accounts for the regional bank.

Nomura also reached an agreement with Awa Bank <8388> in the western city of Tokushima in January this year.

[Copyright The Jiji Press, Ltd.]

Jiji Press