After the completion of the rights offering, Shinsei Bank will hold 102.43 billion common shares or 67.7% of Shinki’s outstanding shares. Shinki will officially become a subsidiary on December 13, 2007, and will be accounted for as a consolidated subsidiary of Shinsei Bank from the second half of fiscal year 2007.
Thierry Porte, president and CEO of Shinsei Bank, said: We believe that by deploying our financial and risk management expertise, our advanced information technology know-how and our access to capital, we can further improve operational efficiency in our consumer finance business, including Shinki.
