SBI Holdings, Inc. (SBIH)(TOKYO: 8473) announced today that it had approved the share exchange agreement to merge with SBI E*TRADE SECURITIES Co., Ltd. (SBIET), a wholly-owned subsidiary of SBIH at the general shareholders’ meeting.
“Not only does SBIET contribute significantly to the consolidated revenues of SBIH, but it possesses a customer base of 1.6 million accounts of savvy Internet users,” said Yoshitaka Kitao, Representative Director and CEO of SBIH. “Also, for the SBIH Group to maximize mutual synergies that exist within the group companies to create a truly one-stop service, SBIET is a vital part of the organization.”
“By becoming a wholly-owned subsidiary of SBIH, SBIET will pursue synergies with the SBIH Group companies and build a powerful financial conglomerate,” said Taro Izuchi, Representative Director and President of SBIET. “Moreover, by expanding the IPO underwriting and brokerage business globally, thereby creating new opportunities to increase profits, we will fulfill expectations of the shareholders who approved this share exchange.”
Schedule for the Share Exchange | |||
| Final trading date of SBIET | July 25, 2008(a) | ||
| Delisting date of SBIET | July 28, 2008(a) | ||
| Effective date of share exchange | August 1, 2008(a) | ||
(a)tentative | |||
Note: SBI E*TRADE SECURITIES Co., Ltd. changes the corporate name to “SBI SECURITIES Co., Ltd.” on July 1, 2008.
Contacts:
Miho Uratani, +81-3-6229-0126
Corporate
Communications Dept.
