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Business

Japan's SMBC Nikko to raise overseas staff by half

Brokerage aims to expand operations in global financial centers

TOKYO -- Sumitomo Mitsui Financial Group unit SMBC Nikko Securities will increase its overseas staff to about 750 people by the end of fiscal 2020 from 500 at present, aiming to better handle efforts by domestic and foreign companies to procure funds abroad.

The Japanese brokerage trails competitors in overseas operations, as it only resumed them in 2010 after a decade-long break. SMBC Nikko intends to speed its expansion by deepening a partnership with Sumitomo Mitsui Banking Corp., a fellow group member.

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