SBI Takes 47.7 Pct Stake in Shinsei Bank via Tender Offer

Economy

Tokyo, Dec. 11 (Jiji Press)--Japanese online financial giant SBI Holdings Inc. <8473> said Saturday that its group has successfully completed its tender offer for Shinsei Bank <8303>, boosting its equity stake in the Tokyo-based bank to 47.7 pct.

The SBI group will make the bank a consolidated subsidiary Friday and revamp its management. Preparations will be made to obtain regulatory approval to establish a bank holding company before the group raises its stake above 50 pct.

On Sept. 10, the group launched the tender offer to raise the stake from some 20 pct to up to 48 pct. The bank opposed the move at the beginning, but in late November, it withdrew its takeover defense measure and switched to accepting new executives proposed by the group.

The group completed the takeover bid with the "favorable" results, SBI Holdings said, promising cooperation to "enhance the corporate value" of the bank.

At an extraordinary meeting of Shinsei Bank shareholders to be held in February next year, the group will propose former Financial Services Agency Commissioner Hirofumi Gomi as chairman of the bank and SBI Holdings Senior Vice President Katsuya Kawashima as president of the bank.

[Copyright The Jiji Press, Ltd.]

Jiji Press