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ORIX shares gap up on 124.2 billion yen gain from banking unit sale
ORIX <8591> shares gapped up and surged in early trading on April 28. Following the market close on April 27, the company announced the sale of its entire stake in ORIX Bank to Daiwa Next Bank, a unit of DAIWA SECURITIES GROUP <8601>, for 370.0 billion yen. Investors cheered the deal, which is expected to result in a gain of approximately 124.2 billion yen for the fiscal year ending March 2027.
The transaction, scheduled for completion by October 2026, marks a strategic pivot for ORIX. The company determined that ORIX Bank would achieve optimal growth as part of a comprehensive banking group like Daiwa. ORIX Bank’s journey within the group comes to a profitable end after nearly three decades; it originated as Yamaichi Trust Bank in 1993 before being acquired by ORIX in 1998.
Source: MINKABU PRESS
*Translated by generative AI. Click here for the original article.
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