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Business deals

Daiwa to buy up to 5% of Credit Saison with eye to millennials

Japanese brokerage and card issuer seek new customers in digital push

A mother and daughter shop at a Yokohama department store. Daiwa and Credit Saison see their customer bases' contrasting demographics as complementary. (Photo by Yumi Kotani)

TOKYO -- Daiwa Securities Group and Japanese credit card company Credit Saison will enter a capital and business tie-up, partnering in such areas as mobile payment services as they work to solidify their customer bases.

Under the plan announced Thursday, Japan's second-largest brokerage group will acquire as much as 5% of Credit Saison for an estimated 9 billion yen ($84.7 million), which would make Daiwa its largest shareholder outside of institutional investors.

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