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TOKYO (Jiji Press) — Online financial group SBI Holdings Inc. on Friday completed a tender offer for its SBI Shinsei Bank unit.
SBI Shinsei Bank will hold an extraordinary shareholders’ meeting as early as August to buy its shares held by general shareholders for ¥2,800 per share, the same buying price set for the tender offer, so that the bank can go private. SBI Shinsei Bank is currently listed on the Standard section of the Tokyo Stock Exchange.
The planned delisting is aimed at allowing the bank to make flexible management decisions and easing the way for it to deal with the repayment of some ¥350 billion in public funds injected into the bank in the past.
If it stays listed, the bank needs to repay public funds through purchases of its shares held by the government.
