| Decision | Consent Granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 2 September 2021 |
| Pathway(s) | Significant business assets only |
| Investment | SBI Regional Bank Holdings, Co., Ltd. acquisition of shares in Shinsei Bank, Limited (in aggregate between 20.03% and 48% of the voting rights in Shinsei, and its New Zealand subsidiary UDC Finance Limited). |
| Consideration | Expected to exceed NZD $100,000,000 |
| Applicant | SBI Regional Bank Holdings, Co., Ltd. Japan (54.41%) United States of America (19.54%) United Kingdom (14.89%) Various (11.16%) |
| Vendor | Shareholders of Shinsei Bank, Limited (Shinsei) Japan (71.32%) Various (28.68%) |
| Background | The Applicant is a company incorporated in Japan which holds stakes in other regional banks in Japan. Both the Applicant and Shinsei Bank Limited (the Target) are involved in the banking industry. The Target holds 100% of the shares in a New Zealand subsidiary, UDC Finance Limited. The Applicant is seeking consent to acquire shares in the Target, through a tender offer, which will result in the Applicant owning in aggregate between 20.03% and 48% of the voting rights in the Target and, indirectly, in its New Zealand subsidiary UDC. The amount of shares that will be acquired will be determined by the number of the Target’s shareholders willing to tender their shares. The Applicant is committed to improving and creating value in its bank investments. The Applicant has satisfied the investor test criterion. |
| More information | Joshua Pringle Chapman Tripp (Auckland) PO Box 2206 Auckland 1140 |