Anderson Mori & Tomotsune, Nishimura & Asahi, Simpson Thacher & Bartlett and Davis Polk & Wardwell are advising on Tokyo-based SBI Shinsei Bank’s JPY370.2 billion (USD2.4 billion) initial public offering on the Tokyo Stock Exchange scheduled for 17 December – an international share sale marked as one of the largest listings in Japan this year.
Anderson Mori is counselling SBI Shinsei Bank and SBI Holdings (the selling shareholder) on Japan law, with partners Moegi Shirakawa and Noritaka Niwano leading the legal team.
“We advised SBI Shinsei Bank in various matters and aspects including banking and other financial regulatory matters, as well as its repayment of public funds in July 2025,” Shirakawa told Asia Business Law Journal.
Shirakawa said Anderson Mori had been an adviser to SBI Shinsei Bank since its exit in 2000 from the temporary nationalisation that took effect in 1998.
Information on the FAQ page of SBI Shinsei Bank’s official website shows that, in October 1998, the Long-Term Credit Bank of Japan (the predecessor of SBI Shinsei Bank) was temporarily nationalised under the Financial Reconstruction Law to resolve non-performing loans and streamline operations. In March 2000, bank ownership was transferred to New LTCB Partners, an investor group established by financial institutions in Europe and the US, ending the temporary nationalisation. On 5 June 2000, the bank’s name was changed to Shinsei Bank, and subsequently to SBI Shinsei Bank on 4 January 2023.
An offering circular filed by Shinsei Bank with Japan’s Financial Services Agency (FSA) dated 8 December 2025 states that the IPO is a global offering of 222 million shares of common stock priced at JPY1,450 yen (USD9.34) apiece. Of the 222 million shares, international managers are offering 102.12 million outside Japan, while 119.88 million are being offered to the public in Japan by Japanese underwriters.
Simpson Thacher is advising SBI Shinsei Bank on New York state and US federal securities law.
Nishimura & Asahi is advising the international managers on Japanese law for the international offering, led by Kohei Koikawa and Kentaro Sugimoto. The international managers are Nomura International, SBI International, Goldman Sachs International, Merrill Lynch International, Mizuho International, SMBC Bank International, Morgan Stanley & Co International and the UBS London branch.
Meanwhile, Davis Polk is counselling the international managers on New York and US federal securities law, with Tokyo-based partners Christopher Kodama and Jon Gray leading the firm’s legal team.
