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UPDATE 1-Fortis plans banking, securities business in Japan

Thu Dec 27, 2007 10:07pm EST

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TOKYO, Dec 28 (Reuters) - Belgian-Dutch financial conglomerate Fortis (FOR.BR) plans to start a banking business in Japan next month and has also applied for a securities license, banking authorities said.

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Japan's financial regulator said it had granted Fortis a banking licence, allowing it to provide lending and financial advisory services to corporate customers.

Fortis will first target business in financing for natural resources and power generation projects, areas in which it has expertise, the Nikkei business daily reported.

Fortis was not immediately available for comment.

Fortis' securities operations plan to begin settlement operations for Japanese stocks, targeting overseas institutional investors and hedge funds, the paper said.

The financial group may also consider a foray into Japan's life insurance market, it said.

Fortis bought Commerz International Capital Management Japan from Commerzbank (CBKG.DE) this year to tap into Japan's asset management market. (Reporting by Nathan Layne and Edwina Gibbs; Editing by Rodney Joyce)

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