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▼ Japan Post to Cut Stake in Banking Unit to 50 Pct or Less
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Japan Post Holdings Co. plans to reduce its stake in Japan Post Bank to 50 pct or less soon from the current 61.5 pct, people familiar with the matter said Wednesday.
The stake sale, estimated to be valued at about 600 billion yen, based on the current stock price, is designed to make the bank's operations more flexible.
The parent company's board of directors is expected to formally decide on the sale as early as Thursday.
In its medium-term business plan released last year, the holding company said that it would reduce its stake in the financial unit to 50 pct or less by fiscal 2025, which ends in March next year.
Such sale will help ease regulations on Japan Post Bank under the postal service privatization law, enabling it to engage in new business without receiving prior approval from the government.
The stake sale, estimated to be valued at about 600 billion yen, based on the current stock price, is designed to make the bank's operations more flexible.
The parent company's board of directors is expected to formally decide on the sale as early as Thursday.
In its medium-term business plan released last year, the holding company said that it would reduce its stake in the financial unit to 50 pct or less by fiscal 2025, which ends in March next year.
Such sale will help ease regulations on Japan Post Bank under the postal service privatization law, enabling it to engage in new business without receiving prior approval from the government.
- 26/2 20:44
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