Daiwa Securities Group agreed on 27 April to acquire ORIX Bank from ORIX Corporation for ¥370bn, with the shares to be bought by its wholly owned subsidiary Daiwa Next Bank.
Why Daiwa Securities Group Inc. is buying ORIX Bank Corporation
Daiwa said it wanted to pair ORIX Bank's lending and trust functions with Daiwa Next Bank's deposit-gathering through the group's client base, and to expand property-backed loans to wealthy customers as Japanese banks compete harder for deposits amid rising interest rates.
Deal terms and financing
The price is to be met from Daiwa's own funds. Japan Credit Rating Agency estimated that the purchase would cut Daiwa's common equity Tier 1 ratio by around five percentage points, while affirming the group's AA- rating. ORIX said it expected to book a gain of about ¥124.2bn.
Regulatory approvals and timing
The share transfer was originally scheduled to complete by October 2026, subject to approvals. Daiwa Securities Group and Daiwa Next Bank announced on 3 August 2026 that the acquisition had completed, making ORIX Bank a wholly owned subsidiary.
Market context
ORIX Bank was founded in 1993 as Yamaichi Trust & Bank and joined the ORIX group in 1998. It operates without branches or ATMs and focuses on real estate investment loans and corporate lending. ORIX said the sale fits its target of a 15% return on equity by 2035.
