J Trust Postpones JT Capital Sale Completion Schedule to End of August

[Asia Economy Reporter Lim Chun-han] The sale schedule of JT Capital and JT Savings Bank, subsidiaries of the Japanese financial group J Trust, has been delayed.

According to the financial sector on the 16th, J Trust announced on the same day that it has decided to postpone the payment date for the sale of JT Capital to the domestic financial investment firm VI Financial Investment, originally scheduled for the 15th, to the end of August.

J Trust stated, "We signed a stock transfer agreement for JT Capital on May 14 and initially planned to complete the transaction on June 15, but it is expected to be postponed and completed by the end of August." It added, "Accordingly, a similar delay is expected in the overall schedule, including the stock transfer of JT Savings Bank."

Earlier, J Trust agreed to sell both JT Capital and JT Savings Bank to VI Financial Investment and signed a memorandum of understanding (MOU) on April 5. Subsequently, on the 14th of last month, they signed a stock transfer agreement to sell JT Capital for 116.5 billion KRW. The payment deadline was set for the 15th of this month. As the JT Capital sale schedule has been delayed by about two months, the sale of JT Savings Bank has also been pushed back. VI Financial Investment is a financial company established by Banker Street Private Equity (PE), a Hong Kong-based private equity fund operator, which acquired Hi Asset Management and Hi Investment & Futures.

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