• Transcript covered Daiwa Securities Group’s FY2026 Management Strategy Meeting Q&A on May 21, 2026, attended by President and CEO Akihiko Ogino.
• Banking push to deepen wallet share with existing securities clients, modeled closer to Morgan Stanley’s approach than broad retail expansion.
• ORIX Bank acquisition priority is rapid PMI, synergy delivery; group will keep reviewing its portfolio, with exits possible if theses weaken.
• Wealth and asset management scale-up flagged as the main lever for higher group ROE; ORIX Bank deal expected to clear a 10%+ ROI benchmark.
• Dividend policy under review for the next medium-term plan; 50% payout ratio reiterated, FY2025 dividend totaled JPY 64 versus a JPY 44 floor.

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