Japan’s SMFG brokerage arm to set up office in Abu Dhabi

A general view of the Abu Dhabi skyline is seen, in this file photo taken on December 15, 2009. REUTERS/Ahmed Jadallah

The brokerage arm of Japan’s Sumitomo Mitsui Financial Group (SMFG) plans to set up an office in Abu Dhabi as it seeks to tap the $80 billion debt capital market (DCM) in the Middle East, its chief executive said.

With the world’s third largest economy in recession, Japanese brokerage firms are focusing more on their overseas strategies and are looking abroad to raise revenue.

The SMFG unit, SMBC Nikko Securities, is the first among Japanese brokerage firms to open an office in Abu Dhabi, while other brokerages already have offices in neighbouring Dubai.

“We are aiming to open a business location in Abu Dhabi, not Dubai, because our group’s banking unit has a strong network there,” Chief Executive of SMBC Nikko Securities Yuichiro Kondo, who took his post in April, has told Reuters.

The brokerage unit plans to start work in the largest member of the United Arab Emirates federation “as soon as possible,” said Kondo, but he said it was hard to gauge how long the regulatory approval process would take due to the COVID-19 pandemic.

Nomura Holdings and the brokerage units of Mitsubishi UFJ Financial Group and Mizuho Financial Group have offices in Dubai.

Kondo also said he is considering opening an office in Paris to tap mainly debt capital markets in France and in other Southern European countries such as Spain and Italy. SMBC Nikko already has a business location in Frankfurt.

Japan’s debt capital market totalled about 15 trillion yen ($140.07 billion) in the last fiscal year.

($1 = 107.0900 yen)

Reuters

 

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.