SBI gets regulatory approval to take majority of Shinsei Bank

SBI gets regulatory approval to take majority of Shinsei Bank
FILE PHOTO: A woman walks past a logo of the Shinsei Bank at its branch in Yokohama, south of Tokyo, June 23, 2010. REUTERS/Issei Kato

TOKYO : Japanese online financial conglomerate SBI Holdings Inc said on Tuesday that a unit had received regulatory approval for a bank holding-company licence, allowing it to take a majority stake in Shinsei Bank Ltd.

SBI Regional Bank Holdings Co obtained approval to operate as a bank holding company from the Financial Services Agency and plans to buy an additional 2.5 million shares in Shinsei Bank by March 31 to increases its stake to 50.05 per cent, SBI said in a statement.

SBI raised its stake in the midsize Japanese lender last year to about 48 per cent from about 20 per cent previously as part of a $1 billion deal. It has said it plans to take a majority stake in Shinsei eventually, aiming to create a major banking group.

 

 

Source: Reuters