Sumitomo Mitsui Financial Group Inc. and Daiwa Securities Group Inc. officially announced Thursday the termination of their capital tieup for Daiwa Securities SMBC Co., ending their 10-year brokerage joint venture.
The decision follows SMFG’s agreement in May to buy Nikko Cordial Securities Inc. from Citigroup Inc. of the United States. The move is widely seen as having widened the differences in business strategies of SMFG and Daiwa Securities Group.
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