Mirae Asset is acquiring Japanese brokerage Sanko, a cross-border consolidation move in Asian financials. The signal is appetite for buying distribution and clients rather than building organically. W

What happened: Mirae Asset Securities said its board approved a plan to acquire a 100-percent stake in Japanese brokerage Sanko Securities, to be purchased by its US affiliate Mirae Asset Securities Holdings. Key numbers: Acquisition worth some 47.6 billion won ($35.6 million), with final value set at completion. Mirae Asset will invest about 100 billion won into the US affiliate for the deal. Why it matters: The company said the move is aimed at expanding its presence in the Japanese financial sector, with the invested funds to be used to expand businesses in Japan.

Mirae Asset Securities said its board approved a plan to acquire a 100-percent stake in Japanese brokerage Sanko Securities, to be purchased by its US affiliate Mirae Asset Securities Holdings.

The company said the move is aimed at expanding its presence in the Japanese financial sector, with the invested funds to be used to expand businesses in Japan.