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8303 - Shinsei Bank News Story

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Mid Cap
Market Cap £2.01bn
Enterprise Value £4.85bn
Revenue £2.69bn
Position in Universe 369th / 3862

BREAKINGVIEWS-J.C. Flowers’ Japan sale marks timely end of era

Fri 9th August, 2019 3:52am
(The author is a Reuters Breakingviews columnist. The opinions expressed are his own.) By Alec Macfarlane HONG KONG, Aug 9 (Reuters Breakingviews) - The U.S. firm, once called a “vulture” by local press, is selling most of its stake in Shinsei Bank after 19 years. With Japanese lenders staggering, cashing out now of what has overall been a lucrative deal makes sense. Foreign funds owe Flowers for giving them a better name. Full view will be published shortly. On Twitter CONTEXT NEWS - J.C. Flowers & Co is selling most of its stake in Shinsei Bank, the Japanese lender said in a statement on Aug. 8. - Funds affiliated with the U.S. private equity firm, along with founder J. Christopher Flowers and Managing Director Thierry Porté, are selling 43.5 million Shinsei shares through a secondary offering. - The sale will reduce the group’s holding from 21.4% to 3.8% of outstanding shares, including treasury stock. - Flowers has also expressed his intention to resign from bank’s board following the sale. - Shares in Shinsei fell as much as 10.8% to 1,452 yen in early morning trading in Tokyo on Aug. 9. - For previous columns by the author, Reuters customers can click on MAC/ - SIGN UP FOR BREAKINGVIEWS EMAIL ALERTS: <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ JC Flowers to sell $700 million worth of shares in Shinsei Bank*:nL4N2542OU Announcement BREAKINGVIEWS - KKR puts fresh eyes on Japanese conglomerates*:nL4N2440FQ BREAKINGVIEWS - Private equity’s broken record plays on in Japan*:nL4N23Y0KF ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Editing by Pete Sweeney and Sharon Lam) ((; Reuters Messaging:
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