Japanese bank acquires $300m stake in Latitude Financial Group

Clayton Utz has advised Japan’s Shinsei Bank on the Latitude Financial Group acquisition.

Naomi Neilson • 19 March 2021 • Big Law

Firm: Clayton Utz (Shinsei Bank)

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Deal: Clayton Utz has advised Japanese diversified financial services company Shinsei Bank Limited on its acquisition of a $300 million stake in Australian credit cards and consumer finance company Latitude Financial Group.

Value: $300 million.

Area: M&A, finance.

Key players: The team was led by corporate partner and Japanese bengoshi Hiroyuki Kano and senior associate Shigeki Yamaura. They worked closely with the bank’s legal adviser, Anderson Mori & Tomotsune.

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Deal significance: Under the transaction, Shinsei Bank will acquire 9.5 per cent interest in Latitude, followed by a 0.05 per cent interest subject to Foreign Investment Review Board approval.

Commenting on the deal, Mr Hiroyuki said: “The transaction highlights that there is continuing interest from foreign investors, particularly Japanese investors, in Australian assets. We congratulate Shinsei Bank and Latitude on the partnership.”