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Nomura to buy ING unit in Taiwan

Nomura Holdings will buy ING Groep’s Taiwanese investment unit, becoming the first Japanese asset manager to operate in the market. Nomura Asset Management Co. agreed to buy ING Securities Investment & Trust Co. with a group led by the Taiwanese firm’s former chief executive officer Ashwin Mehta, Japan’s biggest brokerage said in a statement. It didn’t disclose the price of the unit, which managed $7 billion of assets as of 31 October. Nomura’s CEO Koji Nagai has pledged to make Asia a focus of the Tokyo-based company’s overseas business after completing a $1 billion cost-cutting program. ING, the biggest Dutch financial-services company, is divesting insurance and investment businesses as it repays a government bailout. Nomura and ING will complete the transaction as early as April after obtaining regulatory approval.

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