Sumitomo Mitsui Financial Group (8316) said SMBC Nikko Securities Inc. will be placed under a new intermediate holding company through a share exchange effective Oct. 1, 2026, with one holding company share allotted for every 200,002 SMBC Nikko common shares.
The step follows SMFG's May 12, 2026 announcement that it would set up an intermediate holding company around October 2026 to oversee the governance of SMBC Nikko and SMBC Nikko Jefferies Securities, a joint venture with Jefferies Financial Group Inc., as part of running their wholesale Japanese equities business in an integrated manner.
Under the agreement, a wholly owned SMFG preparatory company will become the wholly owning parent and SMBC Nikko the wholly owned subsidiary. The preparatory company will issue one new share, lifting its outstanding shares to 10,001 from 10,000. SMBC Nikko will become a second-tier subsidiary of SMFG, and the preparatory company will be renamed SMBC Nikko Securities Holdings, with SMBC Nikko President and CEO Shuji Yoshioka as its president and CEO. The holding company will have capital of ¥100 million. SMFG said some disclosure items were omitted because the deal is an intragroup reorganization between wholly owned subsidiaries.
SMBC Nikko, capitalized at ¥135.0 billion and wholly owned by SMFG, posted operating revenue of ¥551.8 billion for the fiscal year ended March 2026, compared with ¥495.4 billion a year earlier. Operating profit was ¥75.5 billion (¥48.2 billion) and net income ¥88.9 billion (¥76.7 billion). Net assets stood at ¥1.23 trillion and total assets at ¥21.66 trillion as of the end of the period.
Next steps: Shareholders of SMBC Nikko and the preparatory company are to approve the exchange, and the agreement is to be signed, on Sept. 30, 2026. The exchange and the name change take effect on Oct. 1, 2026.
| Hikari Tsushin, Inc. | |
| Offer price | ¥1,000 per common share |
| M&A / TOB | 1 |
| Guidance | 0 |
| Buybacks | 0 |
| Dividends | 0 |
| Capital | 0 |
| Earnings | 0 |
| People | 0 |
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