Japan’s Daiwa aims for private banking abroad
Daiwa Securities Group Inc., Japan’s second-biggest brokerage, is betting on a new Singapore office to win business from wealthy Asian clients keen to invest in Japan, Koshiro Taniguchi, Daiwa’s head of private banking said.
Daiwa’s outbound strategy is three-fold: win Asian clients interested in Japanese investments, develop Asian products for its Japanese clients, and win business from Japanese seeking lower tax jurisdictions abroad.
“In the future we expect some older Japanese to move abroad to minimise their taxes,” Taniguchi said. “We’re working with lawyers and accountants to figure out what kind of services we can provide.”