SBI's Tender Offer for Shinsei Bank Ends in Success

Economy

Tokyo, Dec. 10 (Jiji Press)--Major Japanese online financial group SBI Holdings Inc. <8473> has acquired an equity stake of nearly 48 pct in Shinsei Bank <8303>, successfully completing its tender offer for the Japanese bank, it was learned Friday.

The deadline of the tender offer was set for the same day.

SBI is expected to accelerate efforts to revamp Shinsei Bank's management by sending executives to the bank and making it a consolidated subsidiary.

The company plans to announce the detailed results of its tender offer on Saturday.

On Sept. 10, it launched the tender offer with the aim of raising its equity stake in the bank from some 20 pct to up to 48 pct.

[Copyright The Jiji Press, Ltd.]

Jiji Press