The proposed deal will see Shinko amalgamated into Mizuho’s brokerage unit, to operate under the Mizuho Securities brand. The new company will have 6,194 employees and 97 offices. Its revenues will exceed those of Nikko Cordial Corporation, which is part-owned by Mizuho.
Once the merger is complete, Mizuho’s securities unit will have revenues of approximately JPY600 billion, positioning the firm in third place behind Nomura and Daiwa Securities. The brokerage unit will cater for both retail services for individual customers and wholesale operations with corporate clients.
The merger is just one example of a series of consolidation moves occurring across the Japanese corporate sector recently.
