Japan Post considers nearly $9B sale of stake in banking business

Business & FinanceDeals

Reuters was first to reveal that Japan Post Holdings Co (6178.T) is considering cutting its stake in its Japan Post Bank Co (7182.T) business by around a third in a share sale potentially worth nearly $9 billion. The postal giant is considering selling the shares by the end of the current financial year that ends in March and is expected to make a decision shortly, based on market conditions.

Market Impact

The sale will see Japan Post Holdings, which owns around 89% of Japan Post Bank, reduce the stake to around 60%, helping the banking business to meet Tokyo Stock Exchange requirements on share liquidity. The deal would be worth around 1.2 trillion yen ($8.9 billion) at current market prices.

Article Tags

Topics of Interest: Business & FinanceDeals

Type: Reuters Best

Sectors: Business & Finance

Regions: Asia

Countries: Japan

Win Types: Exclusivity

Story Types: Exclusive / Scoop

Media Types: Text

Customer Impact: Significant National Story

Source link