Shinsei SBI suitor aims to form bank holding company – Nikkei

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FILE PHOTO: A woman walks past a Shinsei Bank logo at its branch in Yokohama, south of Tokyo, June 23, 2010. REUTERS / Issei Kato / File Photo

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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Reuters Japan Asia East Asia Yokohama

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