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Deals

Daiwa Securities takes 5% in Credit Saison in capital tie-up

TOKYO (Reuters) - Japan's Daiwa Securities 8601.T and credit card company Credit Saison 8253.T on Thursday announced a capital alliance in which they will develop new services, including a smartphone payment system.

Japan’s second-biggest brokerage said it will acquire 5% of Credit Saison’s shares, while Credit Saison will buy up to 2 billion yen ($19 million), around 0.3%, in Daiwa shares.

Reporting by Takashi Umekawa; Editing by Subhranshu Sahu

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