| Decision |
Consent granted |
|---|---|
| Decision maker | Toitū Te Whenua Land Information New Zealand |
| Decision date | 15 September 2022 |
| Pathway(s) | Significant business assets only |
| Investment |
The acquisition of shares in Shinsei Bank, Limited (in aggregate approximately 50.03% of the voting rights in Shinsei, and its New Zealand subsidiary UDC Finance Limited). |
| Consideration | NZ$ 57,000,000 (estimated figure, subject to market prices upon acquisition) |
| Applicant |
SBI Regional Bank Holdings Co. Ltd. |
| Vendor |
Shareholders of Shinsei Limited |
| Background |
The Applicant is a repeat investor. The Applicant is seeking consent under the Act to increase its existing shareholdings and voting rights in, Shinsei Limited (Shinsei). The acquisition of these existing shares in Shinsei were given consent under the Act in 2021 (202100478). Shinsei wholly owns a New Zealand subsidiary, UDC Finance Limited (UDC). Shinsei acquired UDC in 2020, which was subject to OIO consent (202000276). The Applicant currently holds 38.47% of the shares in Shinsei, which carry 48.83% of the voting rights in the Shinsei. The Applicant proposes to increase its existing shareholdings in Shinsei to approximately 39.42%, which will carry approximately 50.03% of the voting rights in Shinsei. The transaction will not result in any change to the day-to-day operation and control of the New Zealand subsidiary, UDC. This transaction requires consent, as it is an increase in an existing control interest of above 25%, to over 50%, under section 12(1)(b)(ii) of the Act. The Applicant is incorporated in Japan and wholly owned by SBI Holdings, Inc. The Applicant and Shinsei are both Japanese financial institutions, listed on the Tokyo stock exchange. |
| More information |
Joshua Pringle |