Daiwa Bank Holdings Inc., the nation's fifth-largest banking group, on Friday announced a business alliance with French bank Credit Agricole SA.
The deal includes the sale of a 5 percent stake in Diawa's trust banking unit for 10 billion yen.
The sale boosted the holding company's unconsolidated earnings projection to 20 billion yen net profit for the fiscal year, up from 14 billion yen announced earlier this month.