TOKYO, May 13 (Reuters) - Japan's Aozora Bank said on Monday it would receive a 51.9 billion yen ($333 million) investment from brokerage giant Daiwa Securities Group as the two form a capital and business alliance.

Aozora will issue new shares to Daiwa through a third-party allotment and use all of the funds for corporate bond redemption, the bank said in a statement.

Daiwa will become Aozora's biggest shareholder with a 15.54% stake, the bank said. ($1 = 155.8400 yen) (Reporting by Kantaro Komiya Editing by Chang-Ran Kim)