SBI Holdings, Inc today announced that it has completed the sale of part of its shares in SBI SAVINGS BANK to Kyobo Life Insurance Co., Ltd in South Korea.

SBI SAVINGS BANK has ceased to be a consolidated subsidiary of SBI Holdings and has become an equity method affiliate of the company. However, in light of the fact that the SBI group will retain a 70% economic interest in SBI SAVINGS BANK pursuant to the agreement reached with Kyobo Life Insurance, SBI believes that the impact of this change on its consolidated financial results, is expected to be minor.

Furthermore, as a result of this share transfer, SBI Holdings expects to recognize a gain on the sale of shares in SBI SAVINGS BANK.