Daiwa Securities Group Inc. (大和証券グループ本社)
On this page
- Wiki route
- TL;DR
- 0. Latest results (FY2024 = 2025-03 , consolidated)
- Daiwa Next Bank (subsidiary, as of 2026-03 )
- 1. Company overview
- Characteristics of the business type
- Major subsidiaries / holdings
- Key timeline (based on public information)
- 2. Business-segment map
- “Deepen retail + expand wholesale” strategy
- Bank-securities integration model (Daiwa Next Bank linkage)
- Overseas strategy (mid-scale)
- Expansion into fintech / PE / renewable energy
- Competitive landscape
- 4. Regulation / policy
- Related
- Sources
Wiki route
This entry sits under securities-firms INDEX. Read it against Nomura Holdings (Nomura HD) for peer / contrast context and securities index for the broader system / regulatory boundary.
TL;DR
Japan’s No.2 位 major securities group, second to Nomura. A pure-holding-company structure topped by Daiwa Securities Group Inc. (TSE PRIME 8601). It has a history of more than 120 years: **founded in 1902 年 as “Fujimoto Bill Broker Bank” → adopted the “Daiwa Securities” name in 1943 年 → became a holding company in 1999-04 **. Its core businesses form a 5 -axis structure of retail (Daiwa Securities) + wholesale (IB) + asset management (Daiwa AM) + think tank (Daiwa Institute of Research) + internet bank (Daiwa Next Bank). It established the “Daiwa Securities SMBC” joint venture with the Sumitomo group in 1999 年 but dissolved it in 2009 年 (Sumitomo Mitsui FG separately acquired SMBC Nikko Securities under smfg), thereby re-establishing its standing as a major independent firm. The president is Seiji Nakata. Unlike Nomura HD, it pursues an independent strategy oriented toward “deepening retail + mid-scale Asian expansion.”
0. Latest results (FY2024 = 2025-03 , consolidated)
| Item | Figure | Source |
|---|---|---|
| Net operating revenues | 6,459 億 90 百万円 | Daiwa SG official IR / 2025-03 earnings release |
| Profit attributable to owners of the parent | 1,543 億 68 百万円 | Same as above |
| Total assets | 36 兆 243 億 46 百万円 | Same as above |
Daiwa Next Bank (subsidiary, as of 2026-03 )
| Item | Figure |
|---|---|
| Number of accounts | 2,288 thousand accounts |
| Deposit balance | 5 兆 637 億円 (total of yen and foreign-currency deposits, including group-affiliate deposits) |
Reference: 1 years earlier (as of 2025-06 ) it was 1,902 thousand accounts / 4 兆 3,365 億円 → both account count and balance grew substantially over the year. This corroborates the expansion trend of the salary-transfer + securities-account-linkage model.
1. Company overview
Legal name: Daiwa Securities Group Inc. English name: Daiwa Securities Group Inc. Securities code: TSE PRIME 8601 Founded: 1902 (former Fujimoto Bill Broker Bank) Name change: 1943 (renamed Daiwa Securities) Became holding company: 1999-04 Headquarters: Marunouchi, Chiyoda-ku, Tokyo Representative: Seiji Nakata (Representative Executive Officer and President) Business type: Major securities holding company (pure holding company)
Characteristics of the business type
Unlike megabank-affiliated comprehensive financial groups, it is a securities-core independent financial group that does not originate from the banking business. After dissolving the Sumitomo joint venture (Daiwa Securities SMBC) in 1999 年, it clarified its position as a “major independent firm” and, with its retail customer base and domestic IB as two wheels, maintains the No.2 位 position in Japan, second to Nomura. By holding its own internet bank within the group (Daiwa Next Bank, opened 2011-05 ), it has built a unique model integrating salary-transfer accounts + investment accounts — a point that differs from both pure online brokers (sbi-hd / monex-group) and megabank-affiliated securities firms (SMBC Nikko / Mizuho Securities / Mitsubishi UFJ Morgan Stanley Securities).
Major subsidiaries / holdings
Daiwa Securities Group Inc. (holding company, listed 8601)
├── Daiwa Securities (100%) ── core operating company for retail + wholesale (IB)
├── Daiwa Asset Management (100%) ── major investment-trust / ETF management company
├── Daiwa Institute of Research (100%) ── think tank + systems subsidiary
├── Daiwa Next Bank (100%) ── internet bank, opened 2011-05 , salary transfer + securities-account linkage
├── Daiwa Corporate Investment (100%) ── PE / venture investment
├── Daiwa Energy & Infrastructure (100%) ── renewable energy / infrastructure investment
├── DC Asset Management (100%) ── defined-contribution (DC) specialized management company
├── Daiwa Economics ── economic research / publishing
└── Daiwa International ── overseas business control (US / Europe / Asia office clusters)Key timeline (based on public information)
| Year/Month | Event |
|---|---|
| 1902 | Fujimoto Bill Broker Bank founded (Osaka, the predecessor of today’s Daiwa Securities) |
| 1943 | Daiwa Securities name change (wartime securities-industry reorganization) |
| Postwar–1990s | Established in the domestic IB market as one of the “Big Four securities firms” (Nomura, Daiwa, Nikko, Yamaichi). Yamaichi Securities voluntarily wound down in 1997 年 |
| 1999-04 | Became a holding company (Daiwa Securities Group Inc. established) |
| 1999-04 | Daiwa Securities SMBC established (joint venture with the Sumitomo group, wholesale / IB division) |
| 2000s | Operated under a 2 社 structure of retail (Daiwa Securities) + wholesale (Daiwa Securities SMBC) |
| 2009 | Daiwa Securities SMBC joint venture dissolved (Daiwa bought back the Sumitomo stake and integrated the wholesale division into Daiwa Securities proper) → Sumitomo Mitsui FG separately acquired Nikko Cordial Securities (formerly under Citigroup) and developed it independently as SMBC Nikko Securities |
| 2011-05 | Daiwa Next Bank opened (in-group internet bank, salary-transfer + securities-account integration model) |
| 2010s | Expansion of the retail branch network + overseas (mid-scale Asian expansion) + strengthening of asset management |
| Early 2020s | Limited entry into fintech / crypto-asset adjacent areas; expansion of PE / renewable-energy investment (Daiwa Energy & Infrastructure) |
| 2024-2026 | Medium-term management plan (“deepening retail + expanding wholesale” as continuing themes, responding to digitalization / asset-management-nation policy) |
Note: The above timeline is based on public materials (Wikipedia / IR / official history). The detailed schemes after the dissolution of the Sumitomo joint venture and the consolidation scope of the overseas office clusters vary by period, so the latest figures should be checked against IR disclosure materials.
2. Business-segment map
| Segment | Main operator | Characteristics |
|---|---|---|
| Retail securities | Daiwa Securities | Nationwide branch network + HNW sales, the No.2 位 face-to-face retail in Japan, second to Nomura |
| Wholesale / IB | Daiwa Securities (former SMBC-integrated division) | ECM / DCM / M&A, core position in IB for major domestic corporates |
| Asset management | Daiwa Asset Management | Major investment-trust / ETF player (among the top in Japan by public-fund AUM) |
| Think tank / systems | Daiwa Institute of Research | Economic research + systems / IT services subsidiary |
| Internet bank | Daiwa Next Bank | Salary transfer / deposits + securities-account linkage, the group’s unique bank-securities integration model |
| Defined contribution (DC) | DC Asset Management | DC specialized management company |
| PE / venture | Daiwa Corporate Investment | Venture investment, CVC function |
| Renewable energy / infrastructure | Daiwa Energy & Infrastructure | Solar / wind / infrastructure equity investment |
| Overseas (US/Europe/Asia) | Daiwa International, etc. | US / Europe / Asia offices (mid-scale, limited compared to Nomura) |
“Deepen retail + expand wholesale” strategy
A continuing theme of the medium-term management plan. In retail, it deepens face-to-face sales to the wealthy (leveraging the tailwind of the asset-management-nation policy and NISA expansion); in wholesale, as an independent IB after the dissolution of the Sumitomo joint venture, it aims to expand ECM / DCM / M&A deals.
Bank-securities integration model (Daiwa Next Bank linkage)
Daiwa Next Bank, opened 2011-05 , provides a unique operational model integrating a salary-transfer account (Daiwa Next Bank) + an investment account (Daiwa Securities). Whereas megabank groups (Mitsubishi UFJ / SMBC / Mizuho) cross-sell from the bank axis into securities, Daiwa takes the reverse approach (insourcing banking services from the securities axis). Some pure online brokers (sbi-hd monex-group) do not hold a bank, and Daiwa seeks differentiation on this point.
Overseas strategy (mid-scale)
Compared with Nomura HD’s global IB (the Lehman Asia / Europe acquisition), Daiwa’s overseas expansion is mid-scale and selective. It has US / Europe / Asia offices, but rather than being in the top tier of global IB players, it is centered on “connecting Japanese-affiliated clients to Asia / the world + limited local business.”
Expansion into fintech / PE / renewable energy
- PE: domestic venture investment / CVC through Daiwa Corporate Investment
- Renewable energy / infrastructure: long-term investment in solar / wind / infrastructure equity through Daiwa Energy & Infrastructure
- Fintech: continuing group-wide digitalization (strengthening the online-trading platform, AI utilization, asset-management apps) in the medium-term plan
Competitive landscape
| Target | Competitive area | Daiwa’s position |
|---|---|---|
| Nomura HD | Retail + wholesale + overseas IB | No.2 位 in Japan; inferior to Nomura in overseas scale |
| SMBC Nikko Securities (smfg) | Megabank-affiliated major securities | Differentiates with an independent position |
| Mizuho Securities (mizuho-fg) | Megabank-affiliated IB | Competes in the wholesale area |
| Mitsubishi UFJ Morgan Stanley Securities (mufg) | IB of the MS strategic alliance | Competes in wholesale |
| sbi-hd / monex-group / Rakuten Securities | Online brokers | Face-to-face retail vs online |
4. Regulation / policy
- Supervisor: FSA
- Business type: Type I Financial Instruments Business Operator under the FIEA (securities business) + banking (Daiwa Next Bank) + investment management business (Daiwa AM / DC AM)
- Holding-company regulation: FIEA + Banking Act (due to holding a bank subsidiary)
- Overseas regulation: US SEC / FINRA, UK FCA, and other Asian national authorities
- Recent policy points:
- 2024~ NISA permanence / expansion → tailwind for retail securities
- 2024~ asset-management-nation policy → growth opportunity for AM business (Daiwa AM)
- 2024~ BOJ policy-rate normalization → room for Daiwa Next Bank’s deposit-loan margin improvement
- 2025~ stablecoin regime / tokenized assets → response strategy as a mid-tier securities firm
Related
- mufg · smfg · mizuho-fg · ndfg · sbi-hd · monex-group · rakuten-fg · paypay-fg · fukuoka-fg · au-fh
Sources
- Wikipedia: Daiwa Securities Group Inc. (public information, 2026-05-19 extraction)
- Daiwa Securities Group Inc. official corporate website / IR section
- Daiwa Securities Group medium-term management plan (publicly announced portion)
[!info] Verification status confidence: likely (based on public materials, 2026-05-19 update). FY2024 (2025-03 ) consolidated key figures have been confirmed to match Daiwa SG official IR / the 2025-03 earnings release and Wikipedia public records. Daiwa Next Bank figures are from that bank’s disclosure (as of 2026-03 ). The detailed schemes after the dissolution of the Sumitomo joint venture (2009) and the consolidation scope of the overseas office clusters may vary by period.