and Mizuho Financial Group who have held sway in Japan for two decades, Kitao sees the acquisition of a bank as key to expanding his sprawling businesses, a person familiar with his thinking said, asking not to be identified speaking on a private matter. Looking to take on the likes Mitsubishi UFJ Financial Group Inc. His latest move could consolidate the banking space and lay the foundation for SBI to become the “fourth megabank,” according to JPMorgan Chase & Co. But Kitao, 70, already has a reputation for shaking things up after building the country’s largest online brokerage with bold measures such as slashing trading fees. It’s not how things are usually done in Japan. Now, he’s hoping a hefty premium will allow SBI to lift its stake in the lender to 48% from 20%, giving him effective control. Since an initial approach in 2019, Kitao weighed launching a proxy battle to oust CEO Hideyuki Kudo earlier this year, before backing off when regulators balked.

with ¥10 trillion ($91 billion) in assets. The aggressive offer by SBI Holdings Inc.’s maverick chief executive officer caps a two-year pursuit of Shinsei Bank Ltd. | BLOOMBERGĪ billion-dollar unsolicited bid for an under-performing lender is Yoshitaka Kitao’s boldest move yet to build a fourth megabank in Japan.

Yoshitaka Kitao, CEO of SBI Holdings Inc., speaks at the FinSum fintech summit in Tokyo on March 16.

If you're not sure how to activate it, please refer to this site: Sorry, but your browser needs Javascript to use this site. The rationale behind SBI’s targeting of Shinsei Bank

Kudo meetings