Daiwa Securities Group acquires stake in troubled Aozora Bank

Major Japanese brokerage Daiwa Securities Group is helping to shore up troubled Aozora Bank.

The firm will acquire a portion of the bank, which has been on shaky footing following its struggles in US real estate.

Aozora Bank said on Monday that Daiwa Securities Group will invest in the bank to the tune of 52 billion yen, or over 330 million dollars.

Daiwa will acquire more than 15 percent of its shares, becoming the largest shareholder.

Aozora Bank has been struggling with its loan business for commercial real estate projects in the United States.

The bank posted a net loss in the last fiscal year of almost 50 billion yen or over 320 million dollars.