Mid-sized Japanese lender Shinsei Bank has
released details of a three year turnaround plan, covering the
period to 31 March 2013.
Shinsei is trying to recover from losses of
¥143 billion ($1.6 billion) and ¥140.1 billion for the years ended
31 March 2009 and 31 March 2010 respectively.
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According to the strategy document, total
revenue of ¥265 billion is forecast for the year to 31 March 3013,
a 7 percent drop from the year to March 2010.
The plan commits Shinsei’s retail banking unit
to stablise its finding base and promote lower funding costs.
Specific retail targets include:
- Adding 100,000 new customers per year to March 2013;
- Expanding the bank’s sales network by adding 10 new consulting
spots each year, as well as investing in its online and mobile
banking channels; - Ramping up its product portfolio, in particular in mortgages
and auto loans; - Growing the profitability of its credit card business
through expanding the revolving business, capturing fee income and
improving transaction terms.
Release of the medium term plan comes only one
month after Shinsei scrapped its proposed merger with rival Aozora,
following a breakdown in merger talks.
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