On March 17, Japan Post Bank, one of the largest financial institutions in Japan, completed an approximately ¥592 billion (approximately $4 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. All of the shares in the offering were sold by parent company Japan Post Holdings. This offering 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 global offering is the second follow-on offering by Japan Post Bank since its initial public offering in November 2015, at which time S&C also represented Japan Post Bank as well as Japan Post Holdings and Japan Post Insurance in their concurrent initial public offerings. S&C also represented Japan Post Bank and Japan Post Holdings for Japan Post Bank’s first follow-on offering in March 2023.
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 and Eric Ressler. Jeff Hochberg, Saul Brander and Devin Risinger advised on U.S. tax matters. Kirsten Rodger and Jenna Park advised on UK law and EU law-related matters.