By Shota Enokida / Yomiuri Shimbun Staff Writer

Daiwa Securities Co. and the Bank of Iwate Ltd. will begin providing financial services to regional customers in April under a comprehensive business alliance, the companies announced Monday.

The companies aim to provide high-quality consulting by leveraging the branch network of the Bank of Iwate, which is based in Morioka, and Daiwa's expertise in asset management.

As of the end of January, the companies' combined assets under management within the Bank of Iwate's sales area came to about 670 billion yen, including the bank's insurance assets. They intend to increase that figure to 1 trillion yen by the end of March 2031.

As part of the collaboration, the Bank of Iwate will establish a new department specializing in asset consulting services at eight locations in Iwate, Aomori and Miyagi prefectures. Comprised of about 140 staff, including those dispatched from Daiwa, the department will sell financial products such as stocks and bonds in addition to providing consulting services.

Daiwa will take over the management of accounts related to public bonds and investment trusts held by the Bank of Iwate.

This is the second comprehensive partnership between Daiwa and a regional bank, following one with the Shikoku Bank Ltd. based in Kochi.

"To realize a prosperous lifestyle, it is essential to accelerate the shift from savings to investment," said Daiwa President Akihiko Ogino. "We intend to maximize our strengths and provide detailed consulting opportunities to our regional customers."

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This article is from The Yomiuri Shimbun. Neither Dow Jones Newswires, MarketWatch, Barron's nor The Wall Street Journal were involved in the creation of this content.

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March 17, 2026 08:21 ET (12:21 GMT)

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