MEDIA RELEASE PR41105
Taiyo Pacific Partners Takes Significant Stake in FIDEA Holdings Co. Ltd. (8713) to Over 5%
TOKYO, Sept. 6 /PRNewswire-AsiaNet/ --
Taiyo Pacific Partners announced today that it has accumulated a position in excess of 5% in FIDEA
Holdings Co., Ltd. (8713) to become its largest shareholder. Taiyo Pacific Partners is known for its cooperative
investment style working with senior management to enhance shareholder value.
Brian K. Heywood, Chief Executive Officer and Managing Partner of Taiyo
Pacific Partners, said, "FIDEA Holdings is a rare innovative regional
Japanese bank in a sector full of tradition-bound competitors. Their in-store
branch strategy has proven to be a successful innovation in customer service
and we view as positive their active efforts to consolidate other regional
banks; including their recent merger with Hokuto Bank in 2009. We are
impressed by management's openness to shareholders and their focus on the
bottom line. We believe they are capable of achieving their plans to reduce
their overhead ratio from 79% to 67% and are confident they will continue to
increase shareholder value."
Wilbur L. Ross, CEO of WL Ross & Co., added, "Japanese regional banks are
incredibly fragmented and I believe industry consolidation must occur to
sustain their business. FIDEA is actively pursuing a roll-up strategy and
will provide an excellent platform to stimulate a nationwide roll-up of
like-minded regional banks."
Mr. Seiji Satomura, President and CEO of FIDEA Holdings commented, "We
recognize that Taiyo is a friendly long term investor. We established FIDEA
Holdings last year and we are honored to be selected for their portfolio as
an innovative regional bank. We believe the Japanese economy should be
revitalized through regional growth and FIDEA Group will play a leading role
given our close ties to the local economy, society, and culture. We will
continue to manage our company in an open and transparent manner, while
maintaining current and developing new positive relationships with all
shareholders."
Taiyo Pacific Partners is a pioneer of friendly, activist investing in
Japan. Taiyo's first fund, the Taiyo Fund, is co-managed with WL Ross & Co.
LLC, and was organized in July 2003 with an initial equity investment of $200
million. Taiyo Pacific Partners currently manages a total of over $1.7
billion under management. Taiyo Pacific Partners, located in Kirkland,
Washington, was founded by bilingual professionals dedicated to friendly
shareholder activism in Japan.
SOURCE: Taiyo Pacific Partners
CONTACT: Brian K. Heywood
1-425-896-5301
bheywood@tppllc.com; or
Wilbur L. Ross
+1-212-826-2111
wlross@wlross.com
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