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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Economy

Economy

SBI Holdings increases Shinsei Bank holdings after tender offer.

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The Shinsei Bank logo is pictured at the lobby of the bank in Tokyo October 22, 2010. REUTERS/Yuriko... The Shinsei Bank logo is pictured at the lobby of the bank in Tokyo October 22, 2010. REUTERS/Yuriko Nakao/File Photo
The Shinsei Bank logo is pictured at the lobby of the bank in Tokyo October 22, 2010. REUTERS/Yuriko... The Shinsei Bank logo is pictured at the lobby of the bank in Tokyo October 22, 2010. REUTERS/Yuriko Nakao/File Photo

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After a tender offer, Japanese online financial conglomerate SBI Holdings Inc (8473.T) acquired 53.74% of midsize lender SBI Shinsei Bank (8303.T).

After Friday’s tender offer, Shinsei will likely be delisted to allow it greater flexibility in recovering 349 billion yen ($2.43 billion) in public cash its predecessor bank received two decades ago in a government bailout.

Last month, SBI Holdings announced it would take SBI Shinsei Bank private and begin the tender offer, paying 2,800 yen per share for 154.2 billion yen.

Japan’s fourth-largest bank is SBI’s goal. It owns the largest online brokerage, an online bank, and asset management and has been buying up smaller lenders to develop a countrywide network.

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