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Business deals

Japan's Shinsei Bank to go private in SBI's $1.1bn takeover bid

Parent aims to repay government bailout from 2 decades ago

The logo of SBI Shinsei Bank is seen on a building. With a share of more than 50% in the bank, SBI Holdings will make a takeover bid for about 25% of the shares held by shareholders.

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.

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