Daiwa Securities to invest US$330 million in Aozora Bank
This will make Daiwa Securities the bank’s biggest shareholder
Add BT as a preferred source
DAIWA Securities Group will take a stake in Aozora Bank, giving the bank access to fresh capital after it posted losses stemming from turmoil in the US property market.
Daiwa will buy about US$330 million in newly issued shares from Aozora, giving it roughly 15.6 per cent of voting rights, the companies said in a filing. This would make it the bank’s biggest shareholder, according to data compiled by Bloomberg.
The mid-sized bank shocked the market in February with losses on its portfolio of office property loans in the US. Aozora has also drawn market attention after a Japanese activist fund became one of its biggest shareholders. City Index Eleventh, a fund with ties to Japan’s most prominent activist investor Yoshiaki Murakami, has built an 8.9 per cent stake in the bank.
Daiwa and Aozora plan to cooperate in four areas: wealth management, real estate, mergers and acquisitions and startups. BLOOMBERG
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Share with us your feedback on BT's products and services
TRENDING NOW
When every phone becomes a satellite phone, what happens to Asia’s telcos?
Koh Brothers Eco Engineering faces up to S$57.6 million in potential legal liabilities
Father-and-son duo Raj Kumar and Kishin in exclusive due diligence to buy Scotts Square
Anytime Fitness Asia’s owner said to weigh US$400 million sale
