Raon Savings Bank Sold to KBI Group... Financial Services Commission Approves Share Acquisition

Raon Savings Bank will be sold to KBI Kukin Industry, an affiliate of the KBI Group.

On July 23, the Financial Services Commission announced at its 14th regular meeting that it had approved KBI Kukin Industry's acquisition of a 60% stake in Raon Savings Bank.

Raon Savings Bank, located in Gumi, North Gyeongsang Province, is a small savings bank with total assets of approximately 12.47 billion won as of the first quarter of this year.

KBI Kukin Industry, also based in Gumi, North Gyeongsang Province, is a waste management company and a mid-sized enterprise that recorded sales of 61.1 billion won and a net profit of 31.8 billion won last year.

The financial authorities explained that they conducted a review of the eligibility of KBI Kukin Industry and its major shareholders, including their debt ratio and criminal records. They also determined that the capital increase plan for normalizing the management of Raon Savings Bank was appropriate, which led to the approval of the share acquisition.

The Financial Services Commission stated that, once it confirms through measures such as a paid-in capital increase and the disposal of non-performing assets that the management condition of Raon Savings Bank has sufficiently improved, it will end the management improvement recommendation through a resolution.

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