Daiwa Buys Orix Bank for $2.3 Billion in Loans Push; Shares Fall

Daiwa Securities Group Inc. will buy Orix Corp.’s banking unit for ¥370 billion ($2.3 billion), its largest acquisition in almost two decades, as Japan’s second-biggest brokerage deepens its foray into commercial lending.

The Tokyo-based firm will finance the purchase of Orix Bank Corp. with its own funds, it said in a statement on Monday. Shares of Daiwa fell as much as 6.9% on Tuesday morning in Tokyo, while Orix Corp. jumped 12%.