A capital raising
exercise by mid-sized Japanese lender Shinsei will raise up to
¥69.4bn ($845m) as it looks to beef up its capital base.

US-based private equity
firm JC Flowers holds a 28.6% stake in Shinsei and will support the
Shinsei fundraising exercise to maintain its current
shareholding.

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Shinsei has ensured a
difficult two year period, posting net losses of ¥140.1bn and
¥143bn in fiscal years 2008 and 2009 respectively.

A proposed merger with
Aozora – the Cerberus-backed mid-sized lender to create Japan’s
sixth-largest banking group – collapsed last May.

In the nine months to 31
December Shinsei returned to the black, posting a net profit of
¥64.0bn.

Net credit costs fell by
just over 20% for the first nine months of fiscal 2010 to
¥49.3bn.

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Shinsei was also boosted
by a 37.4% increase in net interest income for the first three
quarters, to ¥119.3bn.