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LTCB Warburg Securities, an investment bank jointly formed by the Long-Term Credit Bank of Japan, Swiss Bank Corp. and Union Bank of Switzerland, will begin operations June 1, company officials said Wednesday.

On Tuesday, the unit was formally admitted to the Tokyo Stock Exchange and Osaka Stock Exchange as a regular member of the bourses, after receiving a securities business license from the Finance Ministry on Monday. Officials said the new investment bank will bring together the existing Japan operations of LTCB Securities Co., SBC Warburg and UBS Securities in equity, interest rate, foreign exchange, derivative and corporate finance business.

LTCB and SBC agreed last fall to set up a strategic alliance in the areas of securities, asset management and private banking, and LTCB UBS Brinson began operations last month as the asset management arm of the tieup. LTCB Warburg will have startup capital of 60 billion yen, of which LTCB and the SBC Group will put up 40 percent and 50 percent, respectively. Pending the upcoming merger of SBC and UBS, the firm will become a Japanese corporation.

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