Shinhan and Woori Bank Suspend Sales of Funds Including Osstem Implant

Shinhan to Discontinue All 18 Types and Woori to Halt All 5 Types

[Asia Economy Reporter Kwangho Lee] Following Hana Bank and NH Nonghyup Bank, Shinhan Bank and Woori Bank have also suspended the new sales of funds including Ostem Implant, which is involved in an employee embezzlement case amounting to 188 billion KRW.

On the 7th, Shinhan Bank announced that it would suspend new sales of a total of 18 types of funds, including 17 funds such as Korea Investment Navigator Securities Investment Trust No. 1 and KB Value Focus Securities Investment Trust, which have an allocation of 1% or more in Ostem Implant within their fund assets, as well as one KODEX Healthcare Exchange Traded Fund (ETF), as a measure to protect customers.

Woori Bank also suspended new sales of five funds, including DB Bio Healthcare Securities Investment Trust No. 1, Korea Investment Navigator Securities Investment Trust No. 1, and KB Value Choice 30 Securities Investment Trust, starting from the same day.

Previously, Hana Bank had suspended new subscriptions to 77 funds that contained even a single share of Ostem Implant in their investment assets. Subsequently, NH Nonghyup Bank also suspended new subscriptions to 29 funds that included Ostem Implant.

KB Kookmin Bank has not yet decided to suspend funds including Ostem Implant but is monitoring the situation and reviewing its response.

An official from one bank explained, "The proportion of Ostem Implant held in the funds is small, so losses due to a decline in the base price may not be significant," adding, "Banks are informing customers from the perspective of consumer protection."

This content was produced with the assistance of AI translation services.