Daiwa Securities to Invest $330 Million in Aozora Bank [Yahoo! Finance Canada]
![Yahoo! Finance Canada](../../../Content/images/providers/Yahoo! Finance Canada.png)
DAIWA SECS GROUP S/ADR (DSEEY)
NASDAQ:AMEX Investor Relations:
daiwa-grp.jp/english/ir
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Source: Yahoo! Finance Canada
Daiwa Securities Group Inc. will take a stake in Aozora Bank Ltd., giving the bank access to fresh capital after it posted losses stemming from turmoil in the US property market. Daiwa will buy about 51.4 billion yen ($330 million) in newly issued shares from Aozora, giving it roughly 15.6% of voting rights, the companies said in a filing. This would make it the bank's biggest shareholder, according to data compiled by Bloomberg. ADVERTISEMENT 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% stake in the bank. Daiwa and Aozora plan to cooperate in four areas: wealth management, real estate, mergers and acquisitions and startups. Gamble on US Commercial Property Blows Up for Japan's Ao
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