Daiwa SMBC bullish on Close Brothers acquisition

Daiwa SMBC's Yoshikazu Fukushima, co-head of global investment banking, explains the rationale behind last week's acquisition of Close Brothers Corporate Finance.

While Nomura Holdings took the high-profile, high-risk decision to recruit 8,000 Lehman Brothers bankers in the fourth quarter of 2008, Daiwa Securities SMBC's strategy has been less high-profile and, arguably, less high-risk. Its acquisition of a small, specialist London-based mergers and acquisitions finance unit, Close Brothers Corporate Finance CBCF, is a more modest affair than buying a complete wholesale bank -- and should therefore allow it to avoid most of the post-merger integration issues that Nomura...

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