Ripplewood, the US private Equity firm, is set to sell its stake in Shinsei, the Japanese bank, in an initial public offering (IPO) expected to value the company at up to ¥200bn (€1.5bn).

Sources close to the planned flotation confirmed Nomura as a co-arranger. Morgan Stanley and NikkoCitigroup are thought to be the other bankers to the deal, due next month.