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    8473   JP3436120004

SBI HOLDINGS, INC.

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Amid takeover battle, SBI chief says Shinsei Bank lacks vision

10/28/2021 | 06:36am EST
The Shinsei Bank logo is pictured at the lobby of the bank in Tokyo

TOKYO (Reuters) -SBI Holdings Inc's chief executive on Thursday accused Shinsei Bank's management of lacking a clear vision or philosophy as the online financial conglomerate aims to take effective control of the lender.

"I can't believe how Shinsei continues to perform so badly over years," SBI CEO Yoshitaka Kitao told an earnings briefing.

"I have received letters from various people including a group of young Shinsei employees and former executives urging us to buy the bank immediately and reclaim past glory," he said.

Shinsei last week opposed SBI's $1.1 billion takeover bid, saying it was not clear what specifically SBI would do to increase its corporate value.

In Thursday's briefing, Kitao reiterated that his firm can and will change Shinsei, and promised to make the utmost effort to repay 350 billion yen ($3.08 billion) in public funds Shinsei received during Japan's banking crisis two decades ago.

It is "unbelievable" that Shinsei has not been able to repay the funds, he said.

Shinsei declined to comment on Kitao's remarks.

($1 = 113.7000 yen)

(Reporting by Makiko Yamazaki; editing by Jason Neely, Kirsten Donovan)


ę Reuters 2021
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Financials
Sales 2022 571 B 5 059 M 5 059 M
Net income 2022 86 521 M 767 M 767 M
Net Debt 2022 605 B 5 363 M 5 363 M
P/E ratio 2022 8,34x
Yield 2022 4,12%
Capitalization 727 B 6 429 M 6 446 M
EV / Sales 2022 2,33x
EV / Sales 2023 2,59x
Nbr of Employees 9 209
Free-Float 98,4%
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Technical analysis trends SBI HOLDINGS, INC.
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Mean consensus BUY
Number of Analysts 5
Last Close Price 2 973,00 JPY
Average target price 3 290,00 JPY
Spread / Average Target 10,7%
EPS Revisions
Managers and Directors
Yoshitaka Kitao President, CEO & Director
Shumpei Morita Senior MD, Head-Finance & Accounting
Katsuya Kawashima COO, Representative Director & Vice President
Masayuki Yamada Director, Manager-Compliance & Legal Affairs
Teruhide Sato Independent Outside Director
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