Asia Trust, a New Start as 'Shinhan Asset Trust'

Shinhan Financial Group Completes Final Acquisition of Remaining 40% Stake Last Month

[Asia Economy Reporter Yu Je-hoon] Asia Trust has made a fresh start under the name 'Shinhan Asset Trust.'

Asia Trust announced on the 2nd that it held an extraordinary general meeting at its headquarters in Gangnam-gu, Seoul on the 26th of last month and changed its company name to Shinhan Asset Trust as of the 1st.

Previously, Shinhan Financial Group signed a stock purchase agreement in 2018 to acquire 100% of the shares of Shinhan Asset Trust from the existing largest shareholder. Subsequently, Shinhan Financial Group first acquired 60% of the shares in 2019 and then completed the acquisition of the remaining 40% last month, making Shinhan Asset Trust a wholly owned subsidiary.

Reflecting this change in the governance structure and to enhance the company's competitiveness through the Shinhan brand, the company changed its name to Shinhan Asset Trust. The company expects that this will enable more organic business promotion among group companies and faster decision-making.

A representative of Shinhan Asset Trust stated, "As Shinhan Asset Trust has become a wholly owned subsidiary of the group, we plan to actively promote real estate-related businesses among group companies to further expand market dominance. Based on Shinhan's strong brand power, we aim to maintain a solid position in the existing responsibility-completion type managed land trust market while expecting a new leap forward through entry into the borrowing-type land trust and urban redevelopment project markets."

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