TOKYO, Feb 22 Reuters Japan Post Bank shares slid more than 6 on Wednesday, a day after Reuters reported parent Japan Post Holdings was considering selling around a third of its near90 stake in the bank in a deal which could be worth about 9 billion.

A move to sell the stake would mark the first such sale since Japan39;s national postal service and its two financial units Japan Post Bank and Japan Post Insurance  were listed in 2015 in the country39;s biggest privatisation in about three decades.

Japan Post currently owns around 89 of the bank and is aiming to reduce the stake to around 60 by the end of March, while the bank is considering buying back some of the shares, sources told Reuters.

The deal would be worth around 1.2 trillion yen 8.9 billion at current market prices the fourthlargest followon share sale in Japan, according to Refinitiv data going back to 2010.

This is a big deal, said analyst Travis Lundy of Quiddity Advisors, who publishes on Smartkarma. The size of the share sale meant it was effectively like a second initial public offering IPO, Lundy said, with Japan Post looking to broaden the base of shareholders for its banking unit.

Japan Post Holdings can39;t really get out of Japan Post Bank by selling shares back to Japan Post Bank until a bunch more is in public hands, he said.

A reduction in Japan Post Holdings39; stake in the banking unit to around 60 would also help Japan Post Bank meet Tokyo Stock Exchange requirements for a listing in…