Japan Post Invests in Daiwa Securities to Cement Ties
Newsfrom JapanEconomy Politics
Tokyo, May 20 (Jiji Press)--Japan Post Holdings Co. <6178> has acquired an equity stake of 1.91 pct in Daiwa Securities Group Inc. <8601>, it was learned Monday.
Daiwa revealed this the same day in a notice for its upcoming general shareholders meeting.
According to the notice, Japan Post Holdings had 30 million shares in Daiwa as of the end of March and was the seventh-largest shareholder of the major securities company. The postal service group is estimated to have spent some 16 billion yen on the share acquisition.
Ties between the two companies are strong, with Daiwa having lead-managed the stock listings of the postal holding company and its two financial units--Japan Post Bank <7182> and Japan Post Insurance Co. <7181>--in November 2015.
Last week, they announced an agreement to jointly develop asset management products for individual clients.
[Copyright The Jiji Press, Ltd.]