1991
February: Daiwa Europe (Gilts) Ltd increases its capital to
£15 million.
Daiwa Europe Property plc increases its capital from £50 million to £100 million.
In December Daiwa Europe Limited is a lead manager for Japan in British Telecom 2. Daiwa Europe Limited becomes a strategic shareholder in Treno-Alta-Velocita, an Italian high-speed rail company.
1992
Daiwa Europe Limited capital is increased to £50 million plus ¥6
billion. In the IPO of Banka Torino San Paolo, Daiwa Europe Limited is
a lead in the offering for institutional investors in Japan. Daiwa Europe
Limited also offers an ECU bond fund, starts OTC option business, becomes
a MMF member of the Chicago Mercantile Exchange and is appointed one of
the managers of the international offering in the privatisation CIO Australia
Holdings Ltd, an insurance company 100% owned by the State of New South
Wales, Australia.
1993
First yen dragon bond is issued for the Asian Development
Bank.
Daiwa becomes the first Japanese house to lead manage a eurosterling bond for a non-Japanese borrower, Eurofima, and the first Japanese house to lead manage a sovereign DM issue for Denmark. Daiwa is the only Japanese securities company and the only regional lead from the British Telecom 2 offering to be global manager for BT 3.
Daiwa Europe Limited is appointed financial adviser by the government of Kazakhstan for the privatisation of an oil refinery. It is also a lead in a GDR issued by Hansol Paper Industries, the biggest paper manufacturer in Korea. DEL participates in the French government programme for privatisation of state-owned companies as a co-lead for Credit Locale de France (CLE). Daiwa Europe Limited is the only Japanese investment bank to be a co-lead in the privatisation of Credito Italiano, a big Italian commercial bank.
Daiwa Europe Finance (France) S.A. with capital of Ff 50 million is established.
1994
The first and largest yen global by a sovereign is issued
by Italy (¥300 billion) in January.
Daiwa Securities underwrites first Canadian dollar issue for
Chubu Electric Power Co. (C$500 million).
Daiwa Securities is a regional lead in the privatisation of Elf Aquitaine, the French petrol company.
Daiwa Europe Limited's capital is increased to £74 million in March.
Daiwa Europe Limited becomes first Japanese investment bank to co-ordinate asset securitisation deal for Leeds Permanent Building Society and the first Japanese investment bank to participate in the Turkmenistan oil deal with Oil Capital Ltd in June.
Japan House, providing an office for the Daiwa Foundation as well as Japan-related library, lecture and seminar rooms, is opened in London.
In April Daiwa Europe Belgium S.A. becomes a subsidiary of Daiwa Europe Bank
In November, Daiwa Europe Limited is the lead for 10-year bonds and co-lead for the 3- and 20-year issues in euroyen (¥4.5 billion) for the government of Italy. Also in November, Daiwa Europe Limited lead manages Argentina’s first euroyen (¥1.5 billion) issue. In December Daiwa Europe Limited opens its Amsterdam branch and takes over brokerage business from Daiwa Europe N.V. Daiwa Subsidiaries in Spain and Italy become 100% owned by Daiwa Europe Limited.
1995
Daiwa Securities is Japanese lead in the privatisation of
Indonesia Telecom.
Daiwa Securities is the first Japanese company to conduct share buy-back after amendment to commercial law.
Daiwa Securities begins minimum stock transaction services.
Daiwa Europe Limited competes the privatisation of Bank BPH in Poland and underwrites the first government-guaranteed euroyen issue for the Japan Export Import Bank (¥60 billion). Daiwa Europe Limited lead manages euroyen issues for Mexico (¥1 billion). In September Daiwa Europe Limited takes part in the securitisation of aircraft for Malaysia Airlines (£51.3 million) guaranteed by the British government.
In October the first World Bank Australian dollar issue is targeted at individual Japanese investors (zero coupon bonds: A$400 million, fixed interest bonds: A$200 million).
Daiwa Europe Limited co-leads with Morgan Stanley $750 million eurodollar global bonds for the Asian Development Bank and is a lead for Italy’s largest eurodollar issue (zero coupon bonds: $1.5 billion, interest bonds: $500 million) which is targeted at individual Japanese investors.
Daiwa Europe Limited is awarded Australian bond dollar house of the year by International Financial Review. IFR also awards Daiwa Securities Bond House of Year and Yen Bond House.
1996
Daiwa Securities is the Japanese lead in the privatisation
of AGF, the French insurance company.
In March Daiwa Europe Limited lead manages a big euroyen issue for Italy (¥425 billion). It is also co-lead for a large euro-D-mark issue for the Kingdom of Sweden (DM 750 million).
Daiwa starts online brokerage service, Daiwa Direct.
Daiwa Securities is the regional lead for Japan and Asia for the Deutsche Telekom issue - largest privatisation so far.
A consortium including Daiwa Europe Limited and Powergen wins a European Bank for Reconstruction and Development project as financial adviser to the government of Kazakhstan in the renovation of the country’s biggest power station.
1997
Daiwa Securities is Japan lead in the privatisation of France
Telecom and Endessa (the Spanish electric power provider).
Daiwa Securities introduces stock options.
Daiwa Securities is named as yen bond house of year by International Financial Review.
1998
Daiwa announces its first medium-term management plan.
Daiwa Securities begins restructuring of its overseas network -13 overseas offices/subsidiaries are closed. Daiwa Europe Ltd (Daiwa Europe Limited) subsidiaries in Milan, Madrid, Zurich, Amsterdam and Poland are scheduled to close.
Daiwa concludes a final agreement with Sumitomo Bank Ltd to set up a joint venture company on 26 April 1999.
1999
Daiwa Securities becomes the first Japanese listed company
to move to a holding company structure. The Daiwa Securities
Group Inc. is the holding company for Daiwa Securities Group,
set up as the successor to Daiwa Securities Co. Ltd. Retail
securities operations of Daiwa Securities Group are now part
of Daiwa Securities Co. Ltd.
Daiwa Securities wholesale sector operations are merged with certain securities market operations of The Sumitomo Bank, Limited to form Daiwa Securities SB Capital Markets Co. Ltd. (Daiwa SBCM), a 60% owned subsidiary of Daiwa Securities Group Inc.
Other main companies in the group include Daiwa Asset Management Co. Ltd. and Daiwa SB Investments Ltd. (investment and advisory business); Daiwa Institute of Research Ltd (DIR) for research, systems development and consulting; NIF Ventures Co. Ltd. (venture capital company); Daiwa Securities Business Center Co. Ltd. (operates company infrastructure for group companies); Daiwa Real Estate Co. Ltd. (which manages some of the group’s offices, branches and retail company).
Daiwa Securities is appointed global manager
for Deutsche Telecom 2.
Daiwa Securities is the only Japanese investment bank appointed
regional manager (Asia) for Australian Telecom (Telstra) privatisation.
In June Daiwa SBCM lead-manages asset securitisation deal
for ABS, first of its kind in Japan.
Daiwa SBCM is the only Japanese investment bank to be a global lead for Deutsche Telekom 2. Daiwa SBCM Europe opens its Frankfurt and Paris branches and in July, branches in Geneva and Middle East.
In October Daiwa SBCM underwrites the first bond issue by a bank in Japan (Sumitomo Bank). Also in October Daiwa SBCM adopts a global product-line management structure with global strategies worked out on a product basis - equity, fixed income, investment banking, derivatives, strategic advisory. Daiwa Europe Limited becomes a subsidiary of Daiwa SBCM and changes name to Daiwa SBCM Europe. The overseas network of former Daiwa Securities is transferred to Daiwa SBCM.
In November Daiwa SBCM forms a strategic alliance with Lazard Brothers to provide financial advice on cross-border deals involving Japanese companies. Daiwa Securities SB Capital Markets moves into cellular telephone trading services (i-mode).
In December Daiwa SBCM underwrites Croatia’s first Samurai issue.
2000
In September Daiwa Securities begins a new information service:
Nikkei Telecom 21 (Daiwa Direct Original) in Tokyo. Also in
September, Daiwa SBCM, Sumitomo Corporation and GE Capital
form a new joint venture, Japan Equity Fund Co. Ltd, to manage
private equity fund.
Daiwa SBCM Europe opens branches in Madrid (in October) and Milan (in November).
In November Daiwa Securities Group Inc., The Sakura Bank, Limited, The Sumitomo Bank, Limited, Daiwa Securities SB Capital Markets Co. Ltd. and Sakura Securities Co. Ltd. sign a principle agreement to integrate Daiwa SBCM and Sakura Securities. After the integration, the name of Daiwa SBCM will become Daiwa Securities SMBC Co. Ltd. (tentative) or Daiwa Securities SMBC in its abbreviated form).
The wholesale joint venture company owned by Daiwa Securities Group Inc. and Sumitomo Mitsui Banking Corporation (the new bank after the merger of Sakura Bank and Sumitomo Bank), Daiwa SBCM will expand its business by the addition of the long standing customer relationships and business skills of Sakura Bank and Sakura Securities. While Sakura Securities will transfer all of its businesses to Daiwa SBCM, Sakura Bank is considering transfer of certain parts of its wholesale securities business sections to Daiwa SBCM.
