Fidest – Agenzia giornalistica/press agency

Quotidiano di informazione – Anno 30 n° 318

SC Lowy Acquires Remaining Stake in Choeun Savings Bank

Posted by fidest press agency su mercoledì, 25 aprile 2018

SC Lowy, an international banking and finance group specialised in fixed income, has acquired the remaining stake in Choeun Savings Bank in South Korea from Yuil PE, a private equity fund specialised in corporate restructuring buyout deals.The acquisition increases SC Lowy’s ownership of Choeun Savings Bank to 99.8% and represents a successful exit for Yuil, which initially co-invested alongside SC Lowy in October 2013.“The investment for the remaining stake reaffirms our commitment to Korea, fully integrating the bank into our overall global strategy,” said Soo Cheon Lee, chief investment officer of SC Lowy. “We plan to continue to replicate our success in Asia across other markets with a focus on Europe, consolidating into a wider strategy with banking platforms to lead our core business in Asia and Europe.”Since the original acquisition of Choeun Savings Bank in 2013, SC Lowy and Yuil have also completed the purchase of Golden Bridge Savings Bank and helped the business:
•expand its balance sheet to US$300m from US$100m;
•create a 15% return on equity from a loss-making position; and
•increase headcount to 57 employees from 20.
During this process, SC Lowy has gained a good understanding of the Korean savings bank market and Yuil has achieved a significant investment gain and an enhanced track record. The acquisition of Yuil’s stake will strengthen SC Lowy’s position in Korea and is in line with its strategy of building a strong local presence with a long term commitment wherever it does business. After the successful transformation of Choeun Savings Bank, SC Lowy and Yuil will continue to work together on other deals in Korea and rest of Asia.

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