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    8303   JP3729000004

SHINSEI BANK, LIMITED

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Shinsei Bank : Japan's SBI Holdings makes $1 billion unsolicited bid for Shinsei Bank

09/09/2021 | 05:09am EDT

TOKYO (Reuters) - Japanese financial group SBI Holdings Inc on Thursday announced an offer to buy a near majority stake in Shinsei Bank Ltd in an unsolicited bid to take effective control of the lender.

SBI aims to become Japan's fourth largest banking group and already owns the country's largest online brokerage, an online bank and an asset manager. It has been taking stakes in smaller lenders to create a nationwide network.

Tokyo-based Shinsei, which is a smaller player but has strengths in consumer loans and corporate loans businesses, said in a statement that it had not been alerted to SBI's plan and the tender offer was announced without its board approval.

The lender will provide guidance to shareholders after examining the bid, it said.

SBI, which already owns about 20% of Shinsei, plans to increase its stake to up to 48% and keep the lender listed after the tender offer, it said in a filing.

SBI is offering 2,000 yen per Shinsei share, a 39% premium over Thursday's closing, for a total of 116.4 billion yen ($1.06 billion).

SBI, the financial unit of SoftBank Group until the tech firm exited in 2006, took a stake in Shinsei after private equity investor JC Flowers & Co sold down its holding in 2019.

JC Flowers, together with buyout fund Ripplewood, bought Shinsei's predecessor bank after it went bankrupt in Japan's banking crisis in the late 1990s.

Shinsei has around $98 billion in assets, making it smaller than some 20 other banks in Japan, Refinitiv data showed.

SBI's strategy, analysts say, is to use capital tie-ups with smaller banks - usually in regions outside of Tokyo - to expand its customer base for investment products.

SBI said in the filing it decided on the tender offer as Shinsei had not responded positively to SBI's proposals for an alliance in areas where the two could create synergies.

($1 = 109.9600 yen)

(Reporting by Makiko Yamazaki and Yuki Nitta; editing by Jan Harvey and Jason Neely)

By Makiko Yamazaki and Yuki Nitta


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
SBI HOLDINGS, INC. 0.47% 3010 End-of-day quote.23.01%
SHINSEI BANK, LIMITED -0.32% 1891 End-of-day quote.48.78%
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Financials
Sales 2022 234 B 2 055 M 2 055 M
Net income 2022 42 044 M 369 M 369 M
Net Debt 2022 - - -
P/E ratio 2022 9,32x
Yield 2022 0,63%
Capitalization 398 B 3 481 M 3 486 M
Capi. / Sales 2022 1,70x
Capi. / Sales 2023 1,67x
Nbr of Employees 5 605
Free-Float 48,5%
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Mean consensus HOLD
Number of Analysts 6
Last Close Price 1 891,00 JPY
Average target price 1 875,00 JPY
Spread / Average Target -0,85%
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Managers and Directors
Hideyuki Kudo President, CEO & Representative Director
Michiyuki Okano Head-Group Information Technology
Akira Hirasawa Director, Chief Legal & Compliance Officer
Kyohei Matsumoto Chief Group Legal & Compliance Officer
Minoru Hirayama Senior Manager-Group Finance & Administration
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