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Finance

Daiwa to invest in Southeast Asian financial firms

TOKYO -- Daiwa Securities Group will invest a total of nearly 20 billion yen ($177 million) in a major Vietnamese securities company and a Malaysian investment bank, ramping up operations in a region expected to enjoy long-term growth.

     The Japanese brokerage will spend several billion yen to boost its 10% stake in Saigon Securities to around 15%. This will make Vietnam's largest securities firm an equity-method subsidiary, giving Daiwa a greater say in management. The two companies entered into a capital and business tie-up back in 2007.

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