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Delayed Japan Exchange  -  05/16 02:00:00 am EDT
2015.00 JPY   -4.91%
05/13Shinsei Bank, Limited Provides Consolidated and Non-Consolidated Financial Guidance for Fiscal Year 2022
05/10Shinsei Bank Buys Back Shares for $15 Million in April
04/28SHINSEI BANK : Downward Revision of FY2021 Full-Year Earnings Forecast
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Japan's SBI eyes option to take Shinsei Bank private - CEO

12/21/2021 | 10:45pm EDT

TOKYO, Dec 22 (Reuters) - The chief executive of Japanese online financial conglomerate SBI Holdings Inc said on Wednesday it is exploring the possibility of taking its listed subsidiary Shinsei Bank Ltd private to return $3 billion in public funds.

A delisting would be a key milestone for Shinsei, which has been unable to repay the public money its predecessor bank received two decades ago as its shares have long underperformed over years of low interest rates in Japan.

"It's an option worth pursuing," SBI's chief executive, Yoshitaka Kitao, told a news conference.

The group took effective control of mid-size lender Shinsei in a tender offer this month.

Kitao said the group has begun the talks on the possibility and planned to discuss it with the regulator, the Financial Services Agency.

He said he would consider a range of possibilities including allowing Shinsei's minority investors to swap their shares for SBI shares.

Shinsei Bank, with a market capitalisation of nearly 500 billion yen, still owes the government 350 billion yen ($3.09 billion) in public money.

As a result, the government still owns about 20% of Shinsei. In order for it to recoup the full amount lent by selling shares on the market, Shinsei stock would need to go up to 7,450 yen. Its shares closed up 5.9% at 1,907 yen on Wednesday.

Shinsei shares have struggled since its initial public offering in 2004, giving a total return of minus 74%, according to Refinitiv.

SBI, the financial unit of SoftBank Group until the firm left SoftBank in 2006, first 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 late 1990s banking crisis.

That made it the first Japanese lender to be owned by foreign investors and the subsequent initial public offering generated a huge profit for JC Flowers and Ripplewood. ($1 = 114.0900 yen) (Reporting by Makiko Yamazaki; Editing by Tom Hogue and Kenneth Maxwell)

© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
SBI HOLDINGS, INC. -4.02% 2675 Delayed Quote.-11.10%
SHINSEI BANK LIMITED -4.91% 2015 Delayed Quote.13.13%
SOFTBANK GROUP CORP. 1.39% 5110 Delayed Quote.-7.25%
05/13Shinsei Bank, Limited Provides Consolidated and Non-Consolidated Financial Guidance for..
05/10Shinsei Bank Buys Back Shares for $15 Million in April
04/28SHINSEI BANK : Downward Revision of FY2021 Full-Year Earnings Forecast
04/24Shinsei Bank, Limited agreed to acquire 49% stake in Unit of Military Commercial Joint..
04/20SBI Holdings to Disclose FY22 Earnings in Late May
04/14SHINSEI BANK : Business Hours during Golden Week
04/06Shinsei Bank Conducts $16 Million Share Buyback in March
04/05SHINSEI BANK : Impact Investment in CaiTech inc. (229KB)
04/05SHINSEI BANK : Status Report on the Acquisition of Treasury Shares
04/05Tranche Update on Shinsei Bank, Limited's Equity Buyback Plan announced on May 13, 2021..
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Sales 2022 222 B 1 722 M 1 722 M
Net income 2022 32 693 M 253 M 253 M
Net Debt 2022 - - -
P/E ratio 2022 12,3x
Yield 2022 0,60%
Capitalization 411 B 3 185 M 3 185 M
Capi. / Sales 2022 1,85x
Capi. / Sales 2023 1,72x
Nbr of Employees 5 605
Free-Float 22,7%
Duration : Period :
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Technical analysis trends SHINSEI BANK LIMITED
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 7
Last Close Price 2 015,00 JPY
Average target price 2 287,14 JPY
Spread / Average Target 13,5%
EPS Revisions
Managers and Directors
Katsuya Kawashima President & Representative Director
Hirofumi Gomi Chairman
Michiyuki Okano Head-Group Information Technology
Akira Hirasawa Senior Managing Executive Officer
Minoru Hirayama Section Head-Group Finance & Administration
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