Japan's SBI rejects new bid conditions sought by Shinsei Bank

FILE PHOTO: The Shinsei Bank logo is pictured at the lobby of the bank in Tokyo October 22, 2010. REUTERS/Yuriko Nakao

TOKYO (Reuters) - SBI Holdings Inc on Thursday rejected new conditions requested for its bid to buy Shinsei Bank Ltd, including a demand that it pays more than the $1.1 billion in its existing offer and that it remove a share purchase limit.

SBI, which released a statement through the Tokyo Stock Exchange, wants to buy up to 48% of Shinsei at 2,000 yen a share.

Shinsei Chief Executive Hideyuki Kudo said the board of directors was recommending shareholders refrain from taking part in the tender offer bid (TOB) made by SBI.

Reporting by Tim Kelly; Editing by Edmund Blair