Mergers & Acquisitions / Joint Ventures

Daiwa buys KBC's global convertible bonds unit


Daiwa Capital Markets, the investment banking arm of leading Japanese brokerage and financial services company Daiwa Securities Group, is acquiring the global convertible bonds and Asian equity derivatives businesses of Belgium's KBC Group.

The acquisition will involve a total consideration of approximately $1 billion - consisting of approximately $200 million for staff, IT infrastructure and other assets (excluding the trading position) and approximately $800 million for the trading position.

Daiwa said the acquisition, which is subject to regulatory approval, formed a major part of the group's strategy to build a leading global derivatives business centred on Asia.

The KBC global