Financial Sector's Homeplus Exposure at 1.4 Trillion Won... Meritz Holds the Largest at 1.2 Trillion Won

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As Homeplus has initiated corporate rehabilitation procedures, it is reported that the financial sector's exposure related to Homeplus exceeds 1.4 trillion won.

According to the financial sector on the 4th, as of the 2nd, the total financial sector exposure to Homeplus is said to reach 1.44615 trillion won.

Among individual financial companies, Meritz Securities has the largest exposure amounting to 655.12 billion won, while Meritz Capital and Meritz Fire & Marine Insurance have 280.77 billion won each.

The exposure of Meritz Financial Group alone reaches the 1.2 trillion won level, accounting for most of it. Earlier, Meritz Fire & Marine Insurance, Meritz Securities, and Meritz Capital, the three companies of Meritz Financial, executed a senior loan of 1.2 trillion won to Homeplus in May last year.

As market concerns arose, Meritz Financial released a statement on the same day explaining, "Since the collateral value of the trust company is evaluated at about 5 trillion won, we believe there will be no problem in recovering the funds," and added, "All real estate of Homeplus is provided as collateral in the trust, and Meritz Financial Group holds the first-priority beneficiary rights to the trust."

Among the five major banks, KB Kookmin Bank has the largest exposure to Homeplus at 54.67 billion won, followed by Shinhan Bank (28.88 billion won) and Woori Bank (27 billion won). The exposure of these three banks amounts to 110.55 billion won. Hana Bank and NH Nonghyup Bank have no related loans. In addition, the Korea Credit Guarantee Fund (86 billion won) and Seoul Guarantee Insurance (21.94 billion won) are also known to have significant exposure.

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