Japanese-affiliated J Trust Group Pursues Sale of JT Savings Bank
[Asia Economy Reporter Kim Min-young] JT Savings Bank, a mid-sized savings bank, is undergoing a sale process.
According to the savings bank industry on the 2nd, the Japanese J Trust Group has started looking for investors to sell 100% of its shares in JT Savings Bank.
JT Savings Bank recently appointed a law firm as an advisor and distributed a sales investment memorandum to potential buyers.
Established in December 2006 as Yea-reum Savings Bank, it changed its name to Korea Standard Chartered Savings Bank in 2008, and was fully acquired by J Trust Group in 2015. J Trust Group also operates JT Chin-ae Savings Bank domestically.
JT Savings Bank is headquartered in Seongnam, Gyeonggi Province, and operates one branch each in Gwangju and Mokpo, Jeonnam. Its ability to operate in the metropolitan area is considered a strength.
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As of the end of last year, the savings bank's total assets amounted to 1.4164 trillion KRW, with a net profit of 18.1 billion KRW last year. Its capital adequacy ratio based on the Basel Committee on Banking Supervision (BIS) standards is 11.18%, and its delinquency rate is 2.15%, both at healthy levels.
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