January 29, 2011 / 2:34 AM / 7 years ago

UPDATE 2-Daiwa Securities names Hibino as president-sources

(Adds confirmation on appointments)

TOKYO, Jan 29 (Reuters) - (Reuters) - Daiwa Securities Group Inc , Japan’s No. 2 brokerage, will name Deputy President Takashi Hibino as its new president effective April 1, sources familiar to the matter said on Saturday.

Hibino, 55, will replace Shigeharu Suzuki and will also serve as president of retail unit Daiwa Securities Co and wholesale unit Daiwa Securities Capital Markets Co, the sources told Reuters.

Daiwa Securities, which ended a 10-year investment banking joint venture with Sumitomo Mitsui Financial Group in 2009, has shifted its focus to expanding in Asia, including China, Hong Kong and India.

This regional strategy is in stark contrast to Nomura Holdings , its main rival, which has been pushing to expand around the globe through the purchase of the Asian and European operations of failed investment bank Lehman Brothers , as well as by building operations from scratch in the United States.

The board of Daiwa Securities is expected to approve the appointments next week, the sources said.

The outgoing 63-year-old president, Suzuki, will become chairman, and the current chairman, Akira Kiyota, 65, will retire, they added. (Reporting by Emi Emoto in Tokyo and Mayuresh Tungare in Bangalore; Editing by Yoko Nishikawa)

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