Online financial group
SBI now plans to apply for approval for setting up a bank holding company by the end of the year to take a majority stake in the midsize Japanese lender through additional share purchases, the sources said.
The financial group has said it would consider establishing such a company to hold a stake of more than 50 percent in Shinsei, as required under the Japanese banking law.
SBI plans to turn the subsidiary in charge of the tender offer into the bank holding company to keep to a bare minimum of restrictions imposed on a company owning a majority stake in a bank. SBI's operations also include the real estate and pharmaceutical businesses.
SBI raised its stake from around 20 percent via the tender offer, which ended Friday, with an offer price of
Shinsei joined the financial group led by CEO
Shinsei objected to SBI's offer and once sought approval to introduce defensive measures at an extraordinary shareholders' meeting. But the bank gave up the plan in late November as it looked increasingly difficult without support from the Japanese government, one of its major shareholders.
The government injected
SBI plans to name three candidates, including
SBI Senior Executive Vice President
==Kyodo
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