TOKYO : Japanese financial group SBI Holdings's unsolicited bid for Shinsei Bank sparked a rally in Japanese financial shares on Friday on hopes it could accelerate further consolidation among struggling Japanese banks.
As Shinsei Bank has so far not endorsed the move, investors believe its unsolicited bid to increase its stake to a near majority could turn into a hostile bid. Tokyo Stock Exchange's bank index rose 1.62per cent, above 1.3per cent gains in broad Topix. Shinsei Bank jumped 20.8per cent as SBI offered to 2,000 yen per Shinsei share, a 39per cent premium over Thursday's closing, for a total of 116.4 billion yen .
"Hopes of more consolidation appear to be driving all this," said Taku Ito, chief portfolio manager at Nissay Asset Management.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: BusinessTimes - 🏆 15. / 51 Read more »
Source: BusinessTimes - 🏆 15. / 51 Read more »
Japan Airlines finalises US$2.7 billion raising to position for post-COVID-19 eraJapan Airlines (JAL) said on Friday (Sep 10) it had finalised plans to issue ¥300 billion (US$2.73 billion) of hybrid loans and subordinated bonds to help position it for a changed business environment due to the pandemic. It will raise ¥200 billion from hybrid loans and ¥100 billion from subordinated b
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
No place in Japan for 'modern monetary theory', says Finance Minister AsoTOKYO : Japan must not make its public finances a target of experiment for lax financial management such as through 'modern monetary theory', Finance Minister Taro Aso said on Friday.Aso made the comment at a regular news conference, when asked about a proposal by Sanae Takaichi, a contender in the ruling What a joker…they have been printing money for years like nobody business and they said they don’t do MMT…😷
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Source: BusinessTimes - 🏆 15. / 51 Read more »
Australia appoints former Macquarie boss to supervise financial regulators(Corrects spelling of first name in first paragraph)By Paulina DuranSYDNEY : Australia's government has appointed Nicholas Moore, who led Macquarie Group for a decade until 2018, to chair a new regulator review board to report on the effectiveness of the country's banking and corporate regulators.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »