Global investment bank Deutsche Bank has bought a 49.9% stake in New Zealand sharebroker Craigs Investment Partners for an undisclosed amount.
Both companies say it is a win-win situation, with Craigs' clients getting access to Deutsche's global research and investment opportunities.
In return, Deutsche will get access to one of New Zealand's largest retail client bases.
The New Zealand Herald had reported the deal was worth about $35 million to $40 million and comes just over a year after Craigs Investment Partners bought out its 50% partner ABN Amro.
Craigs managing director Frank Aldridge will not disclose how much Deutsche Bank paid, but says there will not be any job losses.
Deutsche Bank focuses on investment banking, including merger and acquisition opportunities. Chief executive Brett Shepherd says Craigs' large client base will provide a ready market for any deals.
Mr Shepherd says Deutsche does not want full control, and taking a sizeable stake suits both firms.
Deutsche requires Overseas Investment Office approval for the deal, while Craigs' shareholders will vote on the proposal in May, which requires 75% approval under a scheme of arrangement.