SBI Holding's stake in Shinsei Bank nears 48% after tender offer

Online financial group SBI Holdings Inc. has boosted its stake in Shinsei Bank, nearing its tender offer's upper limit of 48 percent and capping off a three-month bid that at one point turned hostile, a rare occurrence in the Japanese financial sector, sources close to the matter said Friday.SBI now plans to apply for approval for setting up a bank holding company by the end of the year to take a majority stake in the midsize Japanese lender through additional share purchases, the sources said.The financial group has said it would consider establishing such a company to hold a stake of more…READ FULL ARTICLE