Sept. 5 (Bloomberg) -- Nomura Holdings Inc. will begin its exit from Ashikaga Holdings Co. by selling about 21 billion yen ($210 million) of preferred shares in the Japanese regional bank, said two people briefed on the matter.
Nomura Capital Investment Co., a unit of Japan’s largest brokerage, is poised to sell 8,000 preferred shares to closely held Ashikaga next week for 2.58 million yen apiece, said the people, who asked not to be named as the transaction is private.
The sale would further Nomura’s goal of exiting private equity investments as Chief Executive Officer Koji Nagai focuses on bolstering profit growth. It joins global firms including Bank of America Corp. in selling assets to raise cash and concentrate on their main businesses as regulators tighten capital and liquidity requirements.
Nomura, which first invested in Utsunomiya, Tochigi-based Ashikaga in 2008 when it bought shares held by the government, is preparing to sell a portion of the stake in an initial public offering or through mergers and acquisitions, the people said.
Kenji Yamashita, a Tokyo-based spokesman for Nomura, declined to comment, as did Ashikaga’s spokesman Ikumasa Kobayashi.
--Editors: Russell Ward, Chitra Somayaji