TOKYO : Japan Post Holdings Co is considering cutting its stake in its Japan Post Bank Co business by around a third by the end of next month, in a share sale potentially worth nearly $9 billion, people familiar with the matter said.
The sale will see Japan Post Holdings, which owns around 89 per cent of Japan Post Bank, reduce the stake to around 60 per cent, helping the banking business to meet Tokyo Stock Exchange requirements on share liquidity, two of the people said.Spokespeople for both Japan Post Holdings and Japan Post Bank said no such decision had been made.
This would mark the first such sale of shares in Japan Post Bank since the national postal giant and its two financial businesses, Japan Post Bank and Japan Post Insurance Co, were listed in 2015, in the country's biggest privatisation in about three decades.