Simpson Thacher is representing Shinsei Bank, Limited in its announced merger with Aozora Bank, Ltd. On July 1, 2009, the two Japanese banks announced that they had executed an alliance agreement pursuant to which they will conduct a merger of equals, subject to shareholder and regulatory approvals and certain other conditions.
The combined entity will be the sixth largest bank in Japan with total assets of approximately ¥18 trillion ($190 billion) as of March 31, 2009. The largest shareholder of Aozora Bank is Cerberus NCB Acquisition, L.P. and investment vehicles whose investors include affiliates of J.C. Flowers & Co. LLC are major shareholders of Shinsei Bank.
The Simpson Thacher team included: David Sneider, Alan Cannon, Patrick Naughton, Andrew Hecht, Terry Crawford, Sam Porter, Ikuko Horikawa (M&A); J.T. Knight and Jason Hwang (Credit); Steve Todrys, Jennifer Marsh and Chang Choi (Tax).