UPDATE 1-Daiwa Securities names Hibino as president - Nikkei

Fri Jan 28, 2011 5:55pm GMT

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Jan 29 (Reuters) - Daiwa Securities Group Inc (8601.T) will name Deputy President Takashi Hibino as its new president effective April 1, replacing Shigeharu Suzuki, the Nikkei business daily said.

The 63-year-old Suzuki will become chairman without representative rights, and the current chairman, Akira Kiyota, aged 65, will retire, Nikkei said.

The company's board is expected to approve the appointments next week, the paper reported.

Hibino will also serve as president of retail unit Daiwa Securities Co and wholesale unit Daiwa Securities Capital Markets Co, the paper said. (Reporting by Mayuresh Tungare in Bangalore)