(Bloomberg) — SBI Holdings Inc. Chief Executive Officer Yoshitaka Kitao said Japan’s largst online brokerage, in conjunction with the government, has the option to delist Shinsei Bank Ltd. in order to pay back funds the lender owes to taxpayers.
Kitao, speaking at a press briefing Wednesday, also said he supports the idea of using the bank’s surplus capital to undertake mergers and acquisitions outside of Japan for growth.
Earlier this month SBI raised its position in Shinsei to around 48%, giving it effective control. SBI has pledged to improve the financial performance of Shinsei in order for the bank to repay the 350 billion yen ($3.1 billion) it owes to taxpayers from its collapse in 1998.
Read how Kitao is trying to shake up Japan’s finance sector
Shinsei shares rose 7.2% as of 11:40 a.m. in Tokyo. SBI held about 2% higher.
SBI will open an equity-business hub in London and expand services for corporate clients, Kitao also said.
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