SBI makes Shinsei Bank consolidated subsidiary
17:33 JST, December 18, 2021
TOKYO (Jiji Press) — Japanese online financial giant SBI Holdings Inc. made Shinsei Bank a consolidated subsidiary Friday.
SBI Holdings’ equity stake in the Tokyo-based bank rose to nearly 48% from some 20% following the completion of SBI’s recent tender offer.
The bank is set to hold an extraordinary meeting of shareholders early next February. Former Financial Services Agency Commissioner Hirofumi Gomi and SBI Holdings Senior Vice President Katsuya Kawashima are almost certain to be appointed as chairman and president of the bank, respectively.
SBI Holdings will make Shinsei Bank the core of the group, aiming to improve its corporate value by having it cooperate with SBI Securities Co. and regional banks that SBI Holdings invests in.
SBI Holdings will consider raising its stake in Shinsei Bank above 50% after gaining regulatory approval to establish a bank holding company.
The group will also work to repay the remaining ¥350 billion in public funds injected into the bank in the past.
As of Dec. 7 this year, City Index Eleventh Co., an investment fund linked to Japanese activist investor Yoshiaki Murakami, had increased its stake in the bank with co-owners to over 9%.
But the stake has already dropped to zero, according to a large shareholding report submitted Friday.
"Business" POPULAR ARTICLE
-
Japanese Companies Increasing Efforts to Hire Foreign Students; Firms, Local Governments Help Them Acquire Skills to Find Jobs in Japan
-
Japan’s Casio to Launch Durable Clothing Range Inspired by G-Shock Brand; Company to Debut Durable T-Shirt in Late August
-
Insufficient Rice Supply Hits Japan; Sever Heat, Rising Demand from Inbound Tourist Among Factors
-
Japanese Firm Hitachi to Release Vacuum Using AR That Turns Cleaning Into a Game; Stressful Cleaning May Become More Enjoyable
-
Sony to Open New Brand Complex Building in Tokyo’s Ginza Next Year; ‘Ginza Sony Park’ to Serve as Brand Hub for Entertainment Businesses
JN ACCESS RANKING