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.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.