J Trust Moves to 'Bulk Sale' Combining JT Savings and JT Capital

Attempt to Sell Entire Property Within 7 Days of Contract Termination

JT Savings Bank headquarters located in Seongnam-si, Gyeonggi-do [Photo by JT Savings Bank]

[Asia Economy Reporter Song Seung-seop] J Trust Group is attempting to sell JT Savings Bank again and has decided to pursue a plan to sell JT Capital together.

According to a disclosure on the 7th, the Japanese financial group J Trust has signed a memorandum of understanding (MOU) to transfer shares of JT Savings Bank and JT Capital with VI Financial Investment. This means that just seven days after the contract was terminated on the 31st of last month, a new MOU was signed including JT Capital.

VI Financial Investment is a financial company created by Banker Street Private Equity (PE), a Hong Kong-based private equity fund (PEF) manager, which acquired Hi Asset Management and Hi Investment & Futures. It was the preferred bidder for the sale of JT Savings Bank. Although an MOU was signed last October, the deal fell through after failing the Financial Services Commission's major shareholder suitability review.

The shares of JT Savings Bank are expected to be transferred within three months from the date the JT Capital shares are transferred. The transfer price has not been determined.

The share transfer contract for JT Capital is scheduled for the 14th of next month, and the actual transfer will take place on June 15. The transfer price has been set at 116.5 billion KRW.

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