SBI Shinsei Bank Repays 100 B. Yen to Japan Govt

Tokyo, March 28 (Jiji Press)--SBI Shinsei Bank said Friday it has repaid some 100 billion yen in public funds to the Japanese government.

It aims to pay back 230 billion yen of remaining public funds within a few years.

The bank received public funds to deal with massive nonperforming loans following the collapse of Japan’s bubble economy in the early 1990s.

SBI Shinsei Bank made the latest payment with its own funds and a capital injection from its parent, SBI Holdings Inc.

The bank plans to repay at least 4.5 billion yen each year in preferred dividends, starting in fiscal 2025, which begins in April. When it is financially ready, it will pay special dividends.

[Copyright The Jiji Press, Ltd.]