Daiwa Securities to Acquire Additional Stake in Aozora Bank

Economy

Tokyo, June 11 (Jiji Press)--Daiwa Securities Group Inc. said Tuesday that it will acquire an additional stake of about 9 pct in Aozora Bank from City Index Eleventh, an investment fund linked to activist investor Yoshiaki Murakami, and his eldest daughter, Aya Nomura.

The Japanese securities house is expected to spend about 25 billion yen on the acquisition, people familiar with the matter said.

Daiwa said the transaction will give it 23.95 pct of voting rights in Aozora as the securities firm last month said it would invest in the bank as part of a tie-up agreement.

The securities house aims to strengthen its ties with Aozora in an effort to expand financial services for corporate and individual customers.

The additional acquisition of Aozora shares will be conducted outside of the market in two stages--first on June 24 and second after the completion of regulatory procedures.

[Copyright The Jiji Press, Ltd.]

Jiji Press