Japan Post Holdings Co. has acquired an equity stake of 1.91 percent in Daiwa Securities Group Inc.
Daiwa revealed the deal in a notice Monday for its upcoming general shareholders meeting.
According to the notice, Japan Post Holdings had 30 million shares in Daiwa as of the end of March, making it the seventh-largest shareholder of the major securities company. The postal service group is estimated to have spent some ¥16 billion on the share acquisition.
Ties between the two companies are strong, with Daiwa having lead-managed the stock listings of the postal holding company and its two financial units, Japan Post Bank and Japan Post Insurance Co., in November 2015.
Last week, they announced an agreement to jointly develop asset management products for individual clients.
“We decided on the investment in order to fortify our ties with Daiwa,” a Japan Post Holdings official said.