Hedge fund manager Silchester on April 27 urged Bank of Kyoto to modify its dividend policy to pay out all the income it receives from equity holdings and half the income from its core banking business. The firm said it would call an extraordinary general meeting if the bank does not put the matter to a vote at the annual general meeting.
Silchester owns 6.2% of Bank of Kyoto and is also the largest investor in Bank of Iwate and Shiga Bank. All three banks own equity portfolios that exceed their individual market values. The London-based fund also holds 5% of Chugoku Bank, whose equities are worth about 60% of its market capitalisation.A Japanese flag flutters atop the Bank of Japan building in Tokyo May 22, 2015.
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