| Decision |
Consent granted |
|---|---|
| Decision maker | Toitū Te Whenua Land Information New Zealand |
| Decision date | 2 May 2023 |
| Pathway(s) | Significant business assets only |
| Investment | Acquisition of shares in SBI Shinsei Bank Limited (in aggregate approximately 77% of total voting rights in Shinsei, and its New Zealand subsidiary UDC Finance Limited. |
| Consideration | NZ$1,659,043,200 (estimated figure based on market prices, subject to change) |
| Applicant |
SBI Regional Bank Holdings Co. Ltd. |
| Vendor | Shareholders of SBI Shinsei Bank, Limited (Japan 60.1%) (USA 20.7%) (UK 9.0%) (Various 10.2%) |
| Background |
The Applicant has gained consent to increase its existing shareholdings and voting rights in SBI Shinsei Bank, Limited (Shinsei). The Applicant received consent to acquire the existing shares in Shinsei in 2021 (case 202100478) and 2022 (case 2022000276). Shinsei wholly owns a Ne w Zealand subsidiary, UDC Finance Limited (UDC). Shinsei acquired UDC in 2020, which was subject to consent (case 202000276). The Applicant currently holds 39.44% of the shares in Shinsei, which carry 50.05% of the voting rights. The Applicant proposes to increase its existing shareholding in Shinsei to a maximum of approximately 76.69%, which will carry approximately 77.00% 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 50%, to over 75%, under section 12(1)(b)(ii) of the Act. Consent was granted as the Applicant has met the investor test criterion. |
| More information |
Joshua Pringle |