Daiwa Securities to top up its Aozora Bank stake through purchase from Murakami Fund

Daiwa Securities, which last week shared that it had obtained approval from the Financial Services Agency (FSA) to become a major shareholder of Aozora Bank based on the agreement reached in May, has now announced that it would acquire another ~9% of the voting rights (as of March 31, 2024) from the Murakami Fund, pushing its ownership stake close to 24% once approved.

Daiwa Securities will acquire Aozora Bank’s common shares from Aozora Bank’s shareholders, Ms. Aya Nomura (Murakami’s daughter) and CITY INDEX ELEVENTH, off-market in two phases.

The first phase for 5.12% of the voting rights (as of March 31, 2024) is scheduled to be completed by June 24, 2024, while the second phase for another 4.05% of voting rights (as of March 31, 2024 plus the third-party allotment from the May transaction), will be subject to several conditions, including notification to the Japan Fair Trade Commission and subsequent approval/non-action by the JFTC. After completion of the second phase, Daiwa Securities would own 23.95% of the voting rights of Aozora Bank.

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