Japan’s Shinsei Bank acquires 10% of Latitude Financial
Summary
Latitude Financial has welcomed a fourth key investor after Japan’s Shinsei Bank acquired a 10 per cent stake in the non-bank lender, valuing the company at $3bn ahead of a third tilt at the ASX boards. Shinsei acquired the stake for $300m from Latitude’s three main investors KKR, Deutsche Bank and Varde Partners, which will underpin overseas expansion plans. “Shinsei’s investment highlights the attention overseas investors are showing in Latitude as the leading provider of interest-free shopping and consumer finance, offering customers a broader range of products that responsibly meet their needs,” Mr Fahour said. Shinsei president and chief executive Hideyuki Kudo said: “We are delighted to invest in Latitude and excited by the opportunity to provide long-term support and value to a business that will deliver strong cashflow and profit growth. We continue to invest in the company’s digital transformation in support of our merchant partners, which include leading global and local brands, and to enhance the experience of customers.” After two failed IPO attempts, Latitude has been buoyed by a strong performance by competitor Liberty Financial, which listed in December last year.