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Daiwa to buy Close Brothers division

<!--StartFragment--> DAIWA Securities said yesterday it will acquire Close Brothers Corporate Finance, joining the push by Japanese investment banks to sign cross-border deals.<br /><br />Daiwa Securities SMBC, an investment banking venture between Daiwa Securities Group and Sumitomo Mitsui Financial Group, will pay &pound;75m&nbsp; for the division of Close Brothers Group.<br /><br />Daiwa said it expects the transaction to complete by the end of June. The Corporate Finance unit posted an adjusted operating loss of &pound;2.9m in the six months to 31 January. In the year to the previous July it made profits of &pound;4.7m.<br /><br />&ldquo;I would expect over the year as a whole that we would do better than that, but that&rsquo;s not a forecast,&rdquo; said Stephen Aulsebrook, who will remain the unit&rsquo;s chief executive.<br /><br />Close Brothers will issue a quarterly trading update this Thursday. <!--EndFragment-->