Swiss Bank Corp. said it will buy U.S. investment bank Dillon Read & Co. for $600 million in stock to boost the U.S. mergers-advisory business of its investment banking arm, SBC Warburg.

Swiss Bank said it would merge Dillon Read with SBC Warburg to form a new investment bank called SBC Warburg Dillon Read. The announcement came only hours after Dutch banking company ING Group withdrew from talks to buy the 75% of Dillon Read that it doesn't own.

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