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Deposit Insurance Corp. of Japan becomes Shinsei Bank's largest shareholder

Deposit Insurance Corp. of Japan became the largest shareholder of Shinsei Bank Ltd. following the completion of a secondary offering on Aug. 27.

The offering involved the sale of up to 43,535,000 common shares of the bank for ¥1,387 per share by J.C. Flowers & Co. LLC and certain other shareholders, including the U.S.-based private equity firm's Saturn IV Sub LP fund, which is no longer the bank's largest and principal shareholder.

Deposit Insurance Corp. of Japan, the federal deposit insurance of the country, holds a 10.97% direct holding stake in Shinsei Bank's voting rights and its total holding ratio is 19.12%, including indirect holding through its wholly owned unit Resolution and Collection Corp., according to an Aug. 27 release.

As of Aug. 27, US$1 was equivalent to ¥105.84.