Nikko Cordial Corp. is in the final stages of talks to buy more than one-third of Tokyo Star Bank's shares from the U.S.-based Lone Star Group investment fund, possibly leading to an outright purchase of the bank, sources said Friday.
The share acquisition, if successful, would mark the first time a brokerage has purchased such a large stake in a bank in Japan.
Nikko Cordial plans to launch a public tender offer for more than one-third of Tokyo Star's outstanding shares, which trade on the Tokyo Stock Exchange's first section.