TOKYO (Reuters) – Japan’s SBI Holdings plans to form a banking holding company by the end of the year at the earliest as it seeks a controlling stake in Shinsei Bank, the Nikkei reported on Thursday.
SBI’s unsolicited offer met opposition from Shinsei management, but the bank last month canceled plans to introduce a poison pill defense aimed at blocking the offer.
The holding company’s plan will be continued after SBI ends its $ 1.1 billion takeover bid to increase its stake in the midsize lender to 48% from around 20%. The offer is due to close on Friday.
The Nikkei, citing anonymous sources, said the online financial conglomerate is likely to increase its stake to at least 40% with its latest offering.
An SBI spokesperson declined to comment.
SBI would need regulatory approval to become a bank holding company with a controlling stake in Shinsei.
The company plans to further increase its stake after the takeover bid is reported, but has yet to give a specific timeline.
(Report by Sakura Murakami and Makiko Yamazaki, edited by David Goodman)
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