Taiyo Pacific Partners Takes Significant Stake in FIDEA Holdings Co. Ltd. (8713) to Over 5%

TOKYO, Sept. 7 /PRNewswire/ -- 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