TSE Approves Relisting of SBI Shinsei Bank

Tokyo, Nov. 13 (Jiji Press)–The Tokyo Stock Exchange said Thursday that it has approved the listing of SBI Shinsei Bank on its top-tier Prime section, scheduled for Dec. 17. The bank’s initial public offering price is expected to be 1,440 yen per share, giving it a market capitalization of around 1.3 trillion yen. SBI Shinsei Bank is the successor to Long-Term Credit Bank of Japan, which failed in 1998 and was temporarily owned by the government. The bank later came under the wing of a U.S. investment fund and was renamed Shinsei Bank in 2000. It returned to the TSE in 2004. The bank became a consolidated subsidiary of online financial group SBI Holdings Inc. in 2021 and was delisted again in 2023. In July this year, the bank finished repaying the public funds injected by the government, paving the way for its third listing. Ahead of the upcoming listing, SBI Shinsei Bank reached a business partnership agreement with Norinchukin Bank and asked Norinchukin to acquire up to 5 billion yen worth of its shares. The two banks aim to cooperate in promoting the digitalization of agriculture, forestry and fisheries businesses. Also on Thursday, SBI Shinsei Bank released its full-year earnings forecasts, projecting a net profit of 100 billion yen for the year through next March, up 18.3 pct from the previous year. END [Copyright The Jiji Press, Ltd.]