Shinsei Bank Ltd.Grey Market
Nov. 16, 2015, 2:57 AM
- The race to buy General Electric's (NYSE:GE) Japanese commercial-lending operation is nearing the finish line with two bidders remaining, sources told WSJ.
- The leasing arm of Sumitomo Mitsui Financial Group (NYSE:SMFG) and Shinsei Bank (OTCPK:SKLKY) submitted binding bids earlier this month and both will continue discussions for the business valued at nearly $5B.
- Media reports on Friday said GE was set to enter into exclusive talks with SMFG.
Feb. 26, 2014, 4:57 AM
- GE (GE) has agreed to pay $1.7B to Japan's Shinsei Bank (SKLKF) to end the conglomerate's exposure to compensation for interest refund claims.
- The deal will hit GE's Q4 and 2013 earnings by $1B, and net EPS by $0.09.
- GE's liability goes back to a loss-sharing agreement from 2008, when GE Capital sold its Japanese consumer operations to Shinsei for $5.4B. (PR)