Japan's Shinko Securities, Mizuho Securities agree to merge |
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Published
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Wed, 10 Jan 2007 05:32
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TOKYO (XFN-ASIA) - Shinko Securities Co Ltd and Mizuho Securities Co, both of which are affiliated to Mizuho Financial Group, have agreed in principle to merge by January next year, the brokerages said.They said in a joint written statement that the merged entity will be the fourth-largest domestic brokerage when measured by assets under management and the third-largest when measured by operating revenue.The regulators must approve the merger, they said.Shinko Securities will absorb Miziuho Securities and be the surviving entity. Shinko Securities will retain its listed status.Other arrangements, including the merger ratio, are subject to further negotiations.At present, Mizuho Corporate Bank, the institutional banking unit of Mizuho Financial Group, holds 10.43 pct of Shinko Securities and 81.52 pct of Mizuho Securities.Mizuho Securities specializes in corporate clients, while Shinko Securities is a comprehensive brokerage with branches nationwide, and has strength in the retail brokerage business.(1 usd = 119.29 yen)yasuhiko.seki@xfn.com
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Japan's Shinko, Mizuho Financial say 'no decision' made on reported merger 