TOKYO -- Japanese financial group SBI Holdings announced on Friday that it will make a takeover bid for its affiliate SBI Shinsei Bank and take it private, by acquiring up to 27% of the lender it doesn't own for 154.2 billion yen ($1.1 billion).
After delisting the bank, SBI Holdings will seek a way to repay the public funds Shinsei received from the government two decades ago -- before it owned the bank -- by using retained earnings.
