Financing company Orix Corp. opened a Brazil unit this month to seek acquisitions in South America.
Orix Brazil Investments & Holdings Ltd., based in Sao Paulo, may spend as much as ¥50 billion taking majority stakes in local investment banks and asset managers, said spokesman Takaaki Nitanai. The unit will be managed by Orix USA Corp.
The three-member operation marks Orix's re-entry into Brazil since exiting a leasing venture with Banco Bradesco 12 years ago and follows Mizuho Financial Group Inc.'s agreement to buy Germany-based WestLB's Brazilian unit in June.
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