Daiwa Securities to Buy Aozora Bank Stake From Activist Fund
- Daiwa will pay about 27.9 billion yen to increase its stake
- It will buy shares from Murakami’s fund and his daughter
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Daiwa Securities Group Inc. said it will increase its stake in Japan’s unprofitable Aozora Bank Ltd. The brokerage’s shares tumbled 4.6%.
Daiwa will buy 9.1% of the bank from City Index Eleventh, a fund linked to Yoshiaki Murakami, Japan’s best-known activist investor, and Aya Nomura, who is Murakami’s daughter.