Samsung's financial affiliates will open a joint office in Tokyo next month.
Samsung Life Insurance, Samsung Fire & Marine Insurance, Samsung Securities and Samsung Asset Management will jointly operate the office, financial industry sources said on the 27th. The office aims to track trends in Japan's financial industry and capital markets and to build networks with Japanese financial firms.
For now, the office is expected to serve as a channel for exploring merger and acquisition opportunities. The Samsung affiliates plan to meet with local financial industry officials next month to explain their future activities and discuss potential cooperation.
For Samsung Fire & Marine Insurance, the move marks a return to Japan after about seven years. The insurer opened a Tokyo office in 1994 but closed it in April 2019 as part of an efficiency drive. "With Samsung Life and Samsung Fire looking for new sources of growth, opening a joint office in Japan is significant," one financial industry official said. "I would expect them to strengthen cooperation in areas where Japan is ahead, such as artificial intelligence, stablecoins and blockchain."