On March 20, Japan Post Bank, one of the largest financial institutions in Japan, completed a ¥1.2 trillion ($9.2 billion) global offering of its common stock, including a public offering in Japan and an international offering outside Japan in reliance on Rule 144A and Regulation S.
This offering is the bank’s first follow-on offering since it went public in November 2015, and represents a further step towards satisfying requirements under Japanese law to privatize the post office, postal savings and postal life insurance services in Japan. The offering is also expected to allow Japan Post Bank to satisfy the public-float requirement for continued listing on the Prime Market of the Tokyo Stock Exchange.
The S&C team representing Japan Post Bank as issuer and Japan Post Holdings as selling shareholder in the international offering included Keiji Hatano, Nirav Mehta, Shihui Xiang and Eric Ressler. Jeff Hochberg, Saul Brander and Devin Risinger advised on U.S. tax matters. Anna Erickson advised on ERISA matters. Kirsten Rodger advised on U.K. and E.U. law-related matters.
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