Daiwa Securities Group Inc. may raise its stake in Vietnam's Saigon Securities Inc. to about 10 percent in a bid to expand in Asia.

Daiwa, which bought a 1.25 percent stake in Saigon last July, agreed to form a capital alliance, the Tokyo-based company said Tuesday in a statement to the Tokyo Stock Exchange.

Daiwa Securities SMBC Co. executive Akihiko Kanemura became a board member at Saigon, Vietnam's biggest publicly traded brokerage, the statement said.