Japan's SBI says it owns 47.77% of Shinsei Bank after tender offer

FILE PHOTO: The Shinsei Bank logo is pictured at the lobby of the bank in Tokyo, Oct. 22, 2010. REUTERS/Yuriko Nakao

(Reuters) - SBI Holdings said on Saturday it has completed a tender offer for Shinsei Bank, raising its stake in the midsize Japanese lender to 47.77% from about 20% previously as part of a $1 billion deal.

The online financial group plans to take a majority stake in Shinsei eventually, aiming to create a major banking group. It would need to obtain a bank holding-company license from the government to own more than 50% of Shinsei.

SBI, which has said it can overhaul the lender, has promised to make every effort to repay the 350 billion yen ($3.1 billion) in public money Shinsei received during a banking crisis two decades ago.

(Reporting by Mari Saito; Editing by William Mallard)

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