Shinsei suitor SBI aims to form bank holding company -Nikkei

12/09/2021 | 05:02am

TOKYO (Reuters) -Japan's SBI Holdings plans to form a bank holding company by the end of the year at the earliest as it seeks a majority stake in Shinsei Bank, the Nikkei reported on Thursday.

SBI's unsolicited bid has met opposition from Shinsei's management, but the bank last month cancelled plans to introduce a poison pill defence aimed at blocking the bid.

The holding company plan will be pursued after SBI ends its $1.1 billion tender offer to raise its stake in the mid-sized lender to 48% from about 20%. The offer is due to close on Friday.

The Nikkei, citing unnamed sources, said the online financial conglomerate is likely to raise its stake to at least 40% with its latest bid.

A spokesperson for SBI declined to comment.

SBI would need regulatory approval to become a bank holding company with a majority stake in Shinsei.

The company plan to boost its stake further after the tender offer has been flagged previously, but it has not previously given a specific timeline.

(Reporting by Sakura Murakami and Makiko YamazakiEditing by David Goodman)

© Reuters 2022
Copier lien
Latest news about "Economy & Forex"
3h ago
4h ago
4h ago
4h ago
4h ago