AIG gave further evidence of its confidence in Japan’s economy on Tuesday, with the announcement that the U.S. giant had agreed to acquire a 7.3 percent stake in H.I.S. Securities Co. Ltd. for 300 million yen ($2.61 million).
While it’s a small investment by global standards, the move gives AIG an entry into Japan’s retail brokerage business, which could become quite profitable if the country’s expected economic recovery eventually occurs.
H.I.S. Kyoritsu is a subsidiary of H.I.S. Co.,one of Japan’s largest travel agencies, which has made clear its intentions to unload the stockbroker in order to concentrate on its travel business. Two Japanese companies will become the majority shareholders following the transfer of ownership in March. AIG will then have the third largest share in the company.
Topics Mergers & Acquisitions AIG
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