Japan's Daiwa Securities Group Inc plans to invest 100 billion yen ($1.11 billion) in its operations in Asia outside Japan through next spring, the Nikkei business daily said on Thursday.
Daiwa will raise the capitalization of Asian units two-fold from the current 90 billion yen to expand its equity trading and investment banking services, the newspaper said without citing sources.
It will also hire 450 employees in the region over the next two years, the daily said.
Daiwa has expanded into 10 countries and territories in Asia, including China, India and Hong Kong, and has a staff of about 650 in the region, the Nikkei said.
It said capital requirements had restricted some of the Daiwa units from engaging in certain transactions.
The securities house aims to raise operating revenue from its Asian operations to around 50 billion yen by fiscal 2011 from roughly 10 billion yen in fiscal 2008, the newspaper said.
(Reporting by Ashutosh Joshi in Bangalore; Editing by Unnikrishnan Nair)