BBVA Plans to Start Japan Brokerage in First for Spanish Bank

BBVA SA, Spain’s second-largest bank, plans to start a brokerage business in Japan as part of the firm’s global expansion drive, according to people familiar with the matter.

The Bilbao-based lender aims to establish a local securities subsidiary by the end of the year, subject to approval by Japan’s Financial Services Agency, the people said, asking not to be identified because the matter is private. That would make it the first Spanish firm to operate a brokerage house in the Asian economy.