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Daiwa buys Close Bros finance biz

DAIWA Securities SMBC said yesterday it will buy the corporate finance business of Britain's Close Brothers Group Plc for 75 million pounds (US$114 million).

The Japanese investment bank said the acquisition is part of its plan to build a global corporate advisory business.

Close Brothers Corporate Finance Holdings Ltd lost 2.6 million pounds in the six months through January.

The Close Brothers Group said proceeds from the sale will be used to bolster other parts of the group's business.

"Our focus is on developing our three larger divisions - banking, asset management and securities," said Close Brothers Chief Executive Preben Prebenson.

The deal awaits regulatory approval and is expected to be finalized in August.

In trading yesterday, Daiwa Securities SMBC fell 3.9 percent to 572 yen (US$5.97).


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