KTB Investment & Securities brings Eugene Savings Bank onboard

[Source: KTB Investment & Securities]

Eugene Savings Bank gained authority go-ahead to go under KTB Investment & Securities.

KTB has completed payment of 200.3 billion won ($167.9 million) to acquire a 60.19 percent stake in Eugene SB Holdings, the parent of Eugene Savings Bank. The total deal value reached 299.9 billion won as institutional investors acquired 29.91 percent stake out of total 90.1 percent stake up for sale. Eugene Savings Bank is in the process of merging with Eugene SB Holdings. Once the merger is completed, KTB will become a direct shareholder of Eugene Savings Bank. Eugene is the country’s 7th largest savings bank, and recorded 87.5 billion won in operating profit and 66.8 billion won in net profit as of the end of third quarter.

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