A large Japanese bank has opened an office in Australia this week to tap the local debt markets and in turn, giving Australian banks more access to the Japanese investors.
SMBC Nikko Capital Markets, the UK-subsidiary of Japan-based Sumitomo Mitsui Bank and SMBC Nikko Securities opened its securities business in Sydney yesterday.
"As Japanese investors continue to seek investment opportunities in Australia, SMBC Nikko Capital Markets has established an office in Sydney to service local financial institutions and other frequent borrowers looking to diversify their funding sources and access the Japanese market," the company said in a statement.
(Sydney Morning Herald)
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