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’Japan’s banks in fund-raising frenzy
While Europe grapples with internal politics, regulatory rows and sovereign debt problems, Japanese banks are quietly continuing their fund-raising frenzy.
According to figures compiled for FT Alphaville by data provider Dealogic, Japanese banks raised a whopping Y3,530bn,
Japan’s ever-consolidating financial sector
Another milestone in the rapid consolidation of Japan’s financial sector came on Thursday, with the completion of Citigroup’s sale of its Japanese brokerage Nikko Cordial Securities to Sumitomo Mitsui Financial Group,
Citi sells Nikko Cordial to SMFG
Citigroup has completed the sale of its Japanese brokerage Nikko Cordial Securities to Sumitomo Mitsui Financial Group, one more step in the US bank’s plans to shed non-core assets, reports Reuters. Citigroup said on Wednesday the sale to SMFG,
Daiwa SMBC — more consolidation in Japan
Consolidation and competition among foreign and domestic brokers are two of the main themes in Japan’s financial services industry right now.
In the latest deal, Daiwa Securities Group, Japan’s second-largest brokerage,
Japanese equity raisings: So much money, so much dilution
Rights issues, all the rage in many key markets, have never been popular in Japan.
In fact, just like in the US, they are non-existent. That is partly due to a broad preference among Japanese companies
‘You only live twice’ (in Japan): The Citi version
Citigroup, or rather, its Japan subsidiary Citibank Japan, has gained the dubious distinction of being censured twice by Japan’s financial watchdog for what appear to be similar misdemeanours.
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Four vie for Citi’s Japan unit
Citigroup has moved a step closer to selling its Japanese asset management arm, with at least four contenders lined up for a second round of bidding. The US bank is thought to want more than Y100bn ($1bn) for Nikko Asset Management.
SMFG eyes $9.4bn share issue
Sumitomo Mitsui Financial Group will raise up to Y923bn ($9.39bn) in the biggest issue of new shares by a Japanese group in eight years. The issue, at Y3,928 a share, was priced on Monday at a 3 per cent discount to the day’s closing price,
Crucial boost for Citi in Nikko sale
Citigroup will receive a $2.5bn boost from the imminent sale of its Japanese brokerage Nikko Cordial, which could strengthen its hand in talks with the US government over its capital needs. Bankers said the sale of the unit to Japan’s SMFG,
Mizuho warns of $5.9bn net loss
Mizuho Financial Group, Japan’s second largest bank, on Thursday warned it would report a full-year loss of Y580bn ($5.9bn) rather than a profit of Y100bn in the year to March 2009. The news came after third-ranked SMFG revised its full-year figures from a Y180bn profit to a Y390bn loss.
Playing chicken with Citi’s Nikko Cordial
Citigroup’s latest moves, to sell off its Nikko Cordial brokerage business in Japan, has triggered speculation about the likely buyer of Japan’s third-biggest broker – not least because Japan’s big banks,
SMFG plans $7.5bn fund-raising
Sumitomo Mitsui Financial Group, Japan’s third-largest bank, will almost double the size of a planned fund-raising to Y700bn ($7.5bn) as it contends with rising defaults and investment losses, reports Bloomberg.
Banks’ fund-raising: the coming wave in Asia
Banks are clearly thinking as much these days about selling off stakes in themselves or other capital raising plans as they are about banking – possibly more, if you’re a Barclays, Bank of America or an RBS.
Sumitomo Mitsui eyes $4bn fundraising
Sumitomo Mitsui Financial Group, Japan’s third-largest bank by revenue, may raise as much as Y400bn ($4.1bn) in capital by selling preferred securities, reports Bloomberg, citing a person familiar with the plan.
Goldman’s travails: Rumours and reality
Persistent rumours — and some more hard evidence – of deepening difficulties at Goldman Sachs are fuelling debate over whether the investment bank will attempt another fund raising ahead of its fourth quarter results next month.
How to say ‘no’ – er, ‘yes’ – in Japanese
The Japanese art of denial is even more multi-layered and delicately nuanced than the art of apology. Often, “yes” can mean “no” and vice versa, as Alyssa on Tokyomango points out on YouTube.
Speculation over Sumitomo-Mitsui, Goldman
Speculation intensified Wednesday that another Japanese bank will buy into a Wall Street firm after Kyodo news agency reported that Sumitomo Mitsui Financial Group, Japan’s second-largest bank by market value,
Contrasting results for Mizuho, Sumitomo
Two of Japan’s largest banks on Thursday unveiled first-quarter figures that reflected contrasting results amid turbulent market conditions. Mizuho, the Japanese bank that has so far suffered the largest subprime-related losses,
SMFG slashes profit forecast
Sumitomo Mitsui Financial Group, Japan’s third-largest banking group, cut its forecast on Monday for net profits in the year just ended by 19%, highlighting the damage inflicted by the economic downturn and market weakness.
Subprime losses batter Japan’s banks
Japan’s three biggest banks have lost a total of Y499bn ($4.7bn) as a result of exposure to US subprime mortgage products and other structured securities. Results published this week show the crisis has so far cost Mitsubishi UFJ Group Y55bn,