Japan's SBI cancels CEO news conference due to 'emergency'

  • 12/14/2021
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Japan"s SBI Holdings Inc (8473.T) said it will reschedule a news conference by President and Chief Executive Officer Yoshitaka Kitao planned for Tuesday due to an "emergency". It did not elaborate on the nature of the emergency. The online brokerage completed a tender offer last week for Shinsei Bank Ltd (8303.T), raising its stake in the mid-sized lender to 47.77% from about 20%. Its unsolicited bid first met opposition from Shinsei management, who said the offer could hurt the interests of minority shareholders. But the bank last month cancelled plans for a poison pill defence as it did not have the support of state-owned Deposit Insurance Corp of Japan (DEPIN.UL), which holds over 20% of Shinsei. read more Kitao, 70, has said he wants to revive Japan"s struggling regional banking sector and create a major banking group. In response to Shinsei"s defensive stance, he said the bank"s management lacked a clear vision or philosophy. Reporting by Makiko Yamazaki; Editing by Chang-Ran Kim and Christopher Cushing Our Standards: The Thomson Reuters Trust Principles.

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