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Shinsei Bank said Wednesday its wholly owned subsidiary Shinsei Securities Co. will start operations on May 1, after completing registration procedures.

Capitalized at 5.5 billion yen and with a staff of 40, the brokerage house will mainly deal with corporate customers, selling securitized products and structured products of the Shinsei Bank group as well as underwriting securities.

The major commercial bank is the reincarnation of the failed Long-Term Credit Bank of Japan.

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