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Daiwa Securities Group Inc. President Shigeharu Suzuki on Tuesday indicated he is in favor of a merger between Daiwa Securities SMBC Co. and part of Nikko Citigroup Ltd.

Suzuki made his position known as Sumitomo Mitsui Financial Group Inc., which owns 40 percent of Daiwa Securities SMBC, has agreed to acquire the bulk of Nikko Citigroup as well as Nikko Cordial Securities Inc. from Citigroup Inc.

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