- June 12, 2009
Contract to Dispose of KDIC’s Stake in Yehanwul MSB was Signed
The KDIC signed a contract to dispose of its 100% stake in Yehanwul Mutual Savings Bank (MSB) to the Hyundai Swiss Savings Bank Consortium*, which was selected as the preferred bidder, on June 12.
* Consortium between Hyundai Swiss MSB and Core HSB Private Equity Fund
In July, after the Financial Services Commission approves the stock acquisition, the Hyundai Swiss Savings Bank Consortium will take over the management of Yehanwul MSB. Yehanwul MSB will then be able to provide various financial services to local residents whereas its current operations are very much limited in terms of its business scope due to it being a bridge bank.
Also, the extension of Hyundai Swiss MSB’s service area to include Gyeonggi (Bundang), Daegu, Kyeongbuk (Pohang and Gyeongju), and Jeonbuk (Buan) is expected to lay a foundation for more stable operation of the bank.
Yehanwul MSB is a bridge bank which was established in December 2007 solely through a contribution by the KDIC to minimize resolution costs and depositors’ inconvenience by promptly resolving three failed savings banks.
Now, it is being operated with sound assets transferred through Purchase & Assumption from Kyeongbuk (Kyeongbuk), Bundang (Gyeonggi), and Hyundai (JeonBuk) MSBs.
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