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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

UPDATE 1-JC Flowers to sell $700 mln worth of shares in Shinsei Bank

Thu 8th August, 2019 10:02am
* Flowers stake to drop to 3.8%
    * Shinsei started in 2000, went public in 2004
    * Was first Japanese lender to be owned by foreign investors

 (Adds details of deal, background)
    TOKYO, Aug 8 (Reuters) - Private equity investor JC Flowers
& Co will cut its stake in Japan's Shinsei Bank  8303.T  to less
than 4%, according to a filing by the lender, selling shares
worth around $700 million nearly two decades after one of
Japan's first buyout deals.
    The share sale will see the fund's founder, J. Christopher
Flowers, also sell down his personal stake in the lender, and
exit the bank's board, according to the filing.
    Flowers and other investors will sell as many as 45.6
million shares, including an over-allotment, to domestic and
overseas investors. That would bring the JC Flowers & Co holding
from 21.4% to 3.8% of outstanding shares. 
    The sale price has not been set, but the shares are worth
around 74.2 billion yen ($700 million) as of Thursday's closing
price of 1,627 yen.
    JC Flowers partnered with private equity firm Ripplewood to
buy the failed Long-Term Credit Bank and relaunch it as Shinsei
in 2000, after it was saddled with massive bad loans following
the collapse of Japan's asset bubble.
    They renamed it Shinsei, meaning "new life", and took it
public in 2004, making it the first Japanese lender to be owned
by foreign investors and generating huge gains. 
    The sale of shares will be handled by Bank of America
Merrill Lynch  BAC.N , Citigroup Inc  C.N  and Nomura Holdings
Inc  8604.T . 
    The share price will be set one day between Aug. 20 and Aug.
23, the filing showed.
   ($1 = 106.1100 yen)

 (Reporting by Junko Fujita; Editing by David Dolan and
Muralikumar Anantharaman)
 ((813-6441-1840,, Reuters;))
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