• Kyodo News

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Daiwa Securities Group Inc. said Tuesday it will promote Deputy President Takashi Hibino to president April 1 to replace Shigeharu Suzuki, who will become chairman.

Hibino, 55, will concurrently serve as president of Daiwa Securities Co., the retail arm of the group, and Daiwa Securities Capital Markets Co., the wholesale unit.

Under the new leadership, Daiwa Securities Group is expected to reconstruct its business after incurring a net loss in the first half of fiscal 2010 to March 31, observers said.

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