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Nikko Cordial Sets Up Equities Research Department, Nikkei Says

Nikko Cordial Securities Inc., a unit of Sumitomo Mitsui Financial Group Inc., will start an equities research department today, the Nikkei newspaper said, without saying where it obtained the information.

Nikko Cordial is establishing the department to provide investors with reports on individual stocks as it seeks to boost fees from stocks trading, the newspaper said. Sumitomo Mitsui bought Nikko Cordial from Citigroup Inc. last year.

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