Japan's Shinko, Mizuho Financial say 'no decision' made on reported merger |
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Wed, 10 Jan 2007 01:29
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TOKYO (XFN-ASIA) - Shinko Securities Co Ltd and Mizuho Financial Group, the parent firm of Mizuho Securities Co, said no decision has been made in regard to a reported merger between the two securities brokerage firms.'Although there is a report today about a merger between our firm and Mizuho Securities, no decision that needs to be disclosed has been made,' Shinko said in a statement.Mizuho Financial issued a similar statement, saying: 'Although there is a report about a merger involving our subsidiaries, no decision that requires disclosure has been made.'The statements came after the Nikkei reported in its morning edition, without citing sources, that Mizuho Securities Co and Shinko Securities Co, both affiliated with the Mizuho Financial Group Inc, have reached a basic agreement to merge by January 2008.The merged entity will become the fourth-largest domestic brokerage in terms of assets under management and the No. 3 in operating revenue, the business daily said.The deal is likely to be announced as early as today, it said.(1 usd = 119.28 yen)yasuhiko.seki@xfn.com
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Mizuho Securities, Shinko to merge, creating Japan's No. 4 broker - report 