Natwest Group will acquire Greenwich Capital Holdings Inc. of Connecticut from Long-Term Credit Bank of Japan Ltd. for $590 million in cash.

Greenwich Capital Markets has an average daily clearing volume of more than $20 billion. It is an underwriter and dealer in U.S. Treasury and mortgage- and asset-backed securities and a broker in exchange-traded options.

"This acquisition completes the major strategic moves Natwest Markets needed to build a strong competitive position in the U.S.," said Martin Owen, chief executive of Natwest Markets, the group's corporate and investment banking arm.

On completion of the deal, the global fixed-income business of Natwest Markets will be renamed Greenwich Natwest with the Greenwich Capital name retained in U.S. markets.

Gary F. Holloway and Konrad R. Kruger, co-presidents and co-chief executives of Greenwich, will become co-heads of global fixed income for Natwest Markets, reporting to Peter Hall, deputy chief executive of Natwest Markets.

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