Daiwa Capital Markets, the investment banking arm of Japanese brokerage and financial services company Daiwa Securities Group, is buying the global convertible bonds and Asian equity derivatives businesses of KBC Group for approximately $1 billion, according to a press release.
The acquisition, which is subject to regulatory approval, will form a major part of Daiwa's strategy to build a leading global derivatives business centred in Asia and will represent an excellent strategic fit with its desire to diversify its earnings streams across regions and products, Daiwa said. It will also give Daiwa Securities a boost towards its goal to double its headcount in Asia, as announced in November last year.
The KBC businesses...
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