Brisbane, 17 March 2021: Clayton Utz has advised Japanese diversified financial services company Shinsei Bank, Limited on its acquisition of a A$300 million stake in Australian credit cards and consumer finance company, Latitude Financial Group.
Under the transaction, Shinsei Bank will acquire 9.95 per cent interest in Latitude, followed by 0.05 per cent interest subject to Foreign Investment Review Board (FIRB) approval.
Corporate partner and Japanese bengoshi Hiroyuki Kano and senior associate Shigeki Yamaura are leading the Clayton Utz team advising Shinsei Bank on the transaction structure, sale agreement and FIRB requirements.
Clayton Utz worked closely with Shinsei Bank's Japanese legal adviser, Anderson Mori & Tomotsune.
Commenting on the deal, 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."