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29-422: Some of the most prominent subsidiaries are SBI Securities, SBI Shinsei Bank and SBI Investments. The company provides financial services in a wide range of categories, including securities, asset management, banking and insurance and has formed an Internet-based financial conglomerate. The group also has a biotechnology -related business line which develops cosmetics, health foods and drug discovery. Furthermore,

58-817: A "defect warranty provision" ( 瑕疵担保条項 , kashi tanpo jōkō ) to the effect that Shinsei could demand within the next three years that the government purchase any claims which had fallen by twenty percent or more from book value. A similar provision was afforded Aozora Bank , the successor of LTCB's similarly beleaguered sister company Nippon Credit Bank . LTCB was relaunched as "Shinsei Bank" (literally "Newborn" or "New Life" Bank) in June 2000, with new management and services. Many of Shinsei's managers had previous experience working for foreign financial institutions in Japan, such as CEO Thierry Porte (formerly of Morgan Stanley) and CIO Jay Dvivedi (formerly of Citibank). Shinsei continued to use

87-553: A broad range of commercial lending and equity investment. The IB division is affiliated with four subsidiary companies: Shinsei Investment Management, Shinsei Securities, Shinsei Servicer and Shinsei Trust and Banking. Shinsei also does considerable investment business in Europe through subsidiaries in London and Frankfurt . Shinsei operates many of its services in this field through its subsidiaries APLUS (consumer finance), Shinki (owner of

116-445: A given country for separation purposes. Bank of East Asia separates its representative branch in the US and its US-based operations for local customers into BEASUS33xxx (following the code used in its home country) and BEAKUS33xxx respectively. This differs from its local mainland China operations which are also BEASCNxxxxx following Hong Kong rather than having a separate identifier code. In

145-613: A government monopoly on the issuance of many long-term debt securities. Following the collapse of the Japanese asset price bubble in 1989, the bank was riddled with bad debts: the government nationalized it in 1998, and it was delisted from the Tokyo Stock Exchange . After several proposed mergers with domestic banks, LTCB was sold to an international group led by US-based Ripplewood Holdings in March 2000 for ¥121 billion ($ 1.2 billion U.S.),

174-745: Is a bank based in Hong Kong that has five branches in mainland China (primary mainland China branch in Shenzhen). The SWIFT code for the branch in Shanghai is DSBACNBXSHA. It uses the 11-digit extended code, and SHA identifies the Shanghai branch. BDO Unibank is the biggest bank in the Philippines, with its head office in Makati. The SWIFT Code for BDO is BNORPHMM. All BDO branches have the same SWIFT Code. Note that one bank can seem to have more than one bank identifier in

203-542: Is a leading diversified Japanese financial institution that provides a full range of financial products and services to both institutional and individual customers. It is owned by SBI Group and headquartered in Chuo , Tokyo . It results from the 2000 rebranding of the former Long-Term Credit Bank of Japan , under new ownership. SBI Shinsei Bank is the successor of the Long-Term Credit Bank of Japan (LTCB), which had

232-649: Is also known as SWIFT-BIC , SWIFT ID , or SWIFT code , after the Society for Worldwide Interbank Financial Telecommunication (SWIFT), which is designated by ISO as the BIC registration authority. BIC was defined originally as Bank Identifier Code and is most often assigned to financial organizations ; when it is assigned to non-financial organization, the code may also be known as Business Entity Identifier ( BEI ). These codes are used when transferring money between banks, particularly for international wire transfers , and also for

261-600: Is to sustainably increase the corporate value and social value of the SBI Group through self-evolution and co-creation of value with a wide range of companies". In 2019, SBI Holdings announced its plans to create a 4th Japanese megabank by consolidating several Japanese regional banks (up to 10) into the group and connecting them to SBI's technological pool. SBI Shinsei Bank Katsuya Kawashima (Representative Director, President & CEO) SBI Shinsei Bank, Limited ( 株式会社SBI新生銀行 , Kabushiki-gaisha SBI Shinsei Ginkō )

290-568: The subprime crisis in the United States. Shinsei moved its headquarters to the Nihombashi area of Chuo City in January 2011. Shinsei Bank divides its business into three components: retail banking, institutional banking and consumer/commercial finance. Shinsei offers a number of unique services as part of its basic "PowerFlex" savings account, including: The Shinsei banking system is based on

319-500: The FLEXCUBE software developed by Oracle Financial Services Software Ltd. Formerly i-flex solutions . Shinsei also gears many of its services toward resident foreigners in Japan, with English-language online banking and telephone support, as well as no requirement for a personal seal in order to open an account. Shinsei combines its commercial and investment banking operations into an "Institutional Banking" division which engages in

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348-601: The Long-Term Credit Bank SWIFT code (LTCBJPJT). SBI Shinsei used the defect warranty provision to dispose of all the worst debts owed to the bank. Several companies which had used LTCB as their primary bank went bankrupt as a result, including Sogo (July, 2000) and the Dai-Ichi Hotel . This created a furor in Japan: politicians especially criticized Goldman Sachs , which advised on the sale of LTCB, for not warning

377-525: The NoLoan consumer finance company), Showa Leasing (commercial and consumer leasing), Shinsei Business Finance (unsecured lending) and Shinsei Property Finance (mortgages). SWIFT code ISO 9362 is an international standard for Business Identifier Codes ( BIC ), a unique identifier for business institutions, approved by the International Organization for Standardization (ISO). BIC

406-577: The SWIFT network) and an estimated 10,000 additional BIC codes which can be used for manual transactions. 2009 version is now replaced by the latest edition (ISO 9362:2014 dated 2014-12-01). Deutsche Bank is an international bank, with its head office in Frankfurt , Germany . The SWIFT code for its primary office is DEUTDEFF: Deutsche Bank uses an extended code of 11 characters and has assigned branches or processing areas individual extended codes. This allows

435-709: The Softbank group. The company was listed on the Osaka Stock exchange in December 2000 and subsequently on the Tokyo Stock Exchange in 2002. The SBI Group became completely independent from Softbank in 2006. The Financial Services Business is based on an Internet-based financial ecosystem, and undertakes a broad range of financial services, including securities, banking and insurance. At the Asset Management Business,

464-605: The TARGET2-network being a subset of the SWIFT-directory of BICs. There are five versions. ISO 9362 is based on the industry standard created by SWIFT around 1975. The previous edition is ISO 9362:2009 (dated 2009-10-01). The SWIFT code is 8 or 11 characters, made up of: Where an eight digit code is given, it may be assumed that it refers to the primary office. SWIFT Standards, a division of The Society for Worldwide Interbank Financial Telecommunication (SWIFT), handles

493-427: The exchange of other messages between banks. The codes can sometimes be found on account statements . The overlapping issue between ISO 9362 and ISO 13616 is discussed in the article International Bank Account Number (also called IBAN). The SWIFT network does not require a specific format for the transaction so the identification of accounts and transaction types is left to agreements of the transaction partners. In

522-503: The first time in history that a Japanese bank came under foreign control. Investor Christopher Flowers also played a major role in the buyout syndicate and remained a key shareholder of the company until August 2019, when the Japanese government acquired the shares held by his fund. As part of the deal, the Japanese government insisted that LTCB maintain existing loan accounts for at least three years. The final purchase agreement included

551-471: The government of the risks inherent in the defect security provision. SBI Shinsei then raised ¥230 billion in an IPO on February 20, 2004. The purchase of Shinsei thus turned a profit of over ¥100 billion within four years. The success of the IPO intensified criticism of Shinsei, however: the government was estimated to have lost ¥4-5 trillion on the deal between lost investments and forced purchases of bad debt, and

580-679: The group conducts investments into and incubation of startup companies, and through the biotechnology-related business, it undertakes the R&;D and manufacturing of pharmaceuticals, health foods and other products. The company stated in its 2020 annual report that it would pursue business growth by actively promoting the Open Alliance initiative. This involves developing win-win relationships with companies that have advanced technologies in areas such as fintech, AI, blockchain, and quantum computing, along with companies in different industries. The company's goal

609-418: The group operates the business school SBI Graduate School . SBI is listed on the first section of the Tokyo Stock Exchange and Osaka Securities Exchange . In 2022, the company entered into a comprehensive capital and business alliance with Sumitomo Mitsui Financial Group (SMFG) (commonly known as the "SMBC-SBI Alliance"), and received investment from SMFG. Founded in 1999, the company was initially part of

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638-625: The past, SEPA payments required both BIC and IBAN. Since 2016-02-01 only the IBAN is needed inside the SEPA (European Union and some more countries). To identify endpoints on its network, SWIFT also uses twelve-character codes that are derived from the BIC of the institution. Such a code consists of the 'BIC8', followed by a one-character code that identifies the Logical Terminal (LT), (also referred to as "local destination" or "Logical Terminal address"), and

667-513: The payment to be directed to a specific office. For example, DEUTDEFF500 would direct the payment to an office of Deutsche Bank in Bad Homburg. Nedbank is a primarily South African bank, with its head office in Johannesburg . The SWIFT code for its primary office is NEDSZAJJ: Nedbank has not implemented the extended code of 11 characters and all SWIFT transfers to its accounts are directed to

696-500: The primary office for processing. Those transfer interfaces that require an 11 digit code would enter NEDSZAJJXXX. Danske Bank is a primarily Danish bank, with its head office in Copenhagen . The SWIFT code for its primary office is DABADKKK: UniCredit Banca is a primarily Italian bank with its head office in Milan . The SWIFT code for its primary office is UNCRITMM: Dah Sing Bank

725-633: The process of the Single Euro Payments Area the European central banks have agreed on a common format based on IBAN and BIC including an XML-based transmission format for standardized transactions. TARGET2 is a joint gross clearing system in the European Union that does not require the SWIFT network for transmission (see EBICS ). The TARGET directory lists all the BICs of the banks that are attached to

754-405: The profits from the deal even escaped Japanese taxation through the use of a foreign investment partnership. In April 2004, the bank exchanged its long-term credit banking license for a standard commercial banking license. The Financial Services Agency issued an improvement order to Shinsei on June 29, 2007, after the revenues of the company fell dramatically below targets. On April 25, 2009, it

783-433: The registration of these codes. Because SWIFT originally introduced what was later standardized as Business Identifier Codes (BICs), they are still often called SWIFT addresses or codes. The 2009 update of ISO 9362 broadened the scope to include non-financial institutions; before then BIC was commonly understood to be an acronym for Bank Identifier Code . There are over 7,500 "live" codes (for partners actively connected to

812-704: The three-character branch code. While 'BIC12's are not part of the ISO standard, and are only relevant in the context of the messaging platform, they play a role in FIN system messaging. According to SWIFT, Logical Terminals are the "entity through which users send and receive FIN messages.", thus, may play a role within routing of the message. Business Identifier Codes are primarily used for identifying financial and non-financial institutions involving day-to-day business transactions among one or more institutions in transaction lifecycle. Example: In SWIFT messages these BICs are embedded within

841-608: Was announced that Shinsei Bank and Aozora Bank have entered into negotiations to integrate their operations in the summer of 2010, with an eye toward an eventual merger, however the talks collapsed in May 2010 amid disputes over capitalization and business strategy, as well as the abatement of the 2008 financial crisis. In 2010, the bank sold its headquarters building near Hibiya Park and its operations center in Meguro in order to avoid falling below targets again due to investment writedowns during

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