Nikko Cordial Securities Inc. on Thursday kicked off operations as a wholly owned unit of Sumitomo Mitsui Banking Corp., completing the acquisition of the brokerage from Citigroup Inc.
The new entity integrates part of the operations of Nikko Citigroup Ltd., a wholesale brokerage house sold off by Citigroup and renamed Citigroup Global Markets Japan Inc.
The former Nikko Cordial Securities specialized in targeting individuals, especially wealthy customers, and Sumitomo Mitsui Financial Group Inc., which has SMBC under its wing, aims to strengthen that capability and expand it toward corporate accounts, company officials said.
The new entity, based in Tokyo, has about 7,000 employees.