Christopher Flowers, the banker who helped create Shinsei Bank Ltd. in Japan's first financial buyout, is leading a group that will offer ¥202 billion for a stake in the firm.
J.C. Flowers & Co. LLC and unnamed investors will pay ¥425 a share to increase their stake to as high as 32.6 percent, the bank said Tuesday. Shinsei will sell ¥50 billion worth of new shares as part of the transaction, made at a 17 percent premium to Monday's closing price.
The funds will bolster Shinsei after it reported the first loss since Flowers and partner Timothy Collins acquired the then bankrupt bank from the government in 2000. Flowers, 50, is also in talks to purchase Northern Rock PLC, the U.K. mortgage lender that was bailed out in September by the Bank of England.