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SBI Holdings of Japan Increases Stake in Shinsei Bank Following Tender Offer

SBI Holdings Inc, the Japanese online financial conglomerate, announced on Saturday that its stake in midsize lender SBI Shinsei Bank has increased to 53.74% from 50.04% following a successful tender offer.

The completion of the tender offer, which concluded on Friday, paves the way for the anticipated delisting of Shinsei Bank. This move will provide greater flexibility in returning 349 billion yen ($2.43 billion) in public funds that the bank’s predecessor received as part of a government bailout two decades ago.

Last month, SBI Holdings revealed its plan to privatize SBI Shinsei Bank and initiate a tender offer, offering 2,800 yen per Shinsei share for a total of 154.2 billion yen.

By expanding its presence in the banking sector, SBI Holdings aims to establish itself as Japan’s fourth-largest banking group. The company already owns the largest online brokerage, an online bank, and an asset manager, and has been acquiring shares in smaller banks to create a comprehensive nationwide network.

(Note: Exchange rate at the time of writing: $1 = 143.6800 yen)

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