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Hyundai Swiss Savings Bank and Hyundai Swiss 2 Savings Bank (HSB2) agreed to increase capital by 237.5 billion won Tuesday at the board of directors meeting.
SBI Group, a Japan-based investment financial service company, will also participate in the paid-in capital increase.
SBI group first deposited 17 billion won out of the total investment at the Seoul branch of Mizuho Corporate Bank after having submitted a letter of commitment for the investment to the financial authority in December.
As Japan’s largest investment financial group, SBI Group, a holding company of SBI Finance Korea that holds a major share in Hyundai Swiss Savings Bank, records 24 trillion won in its total asset with 80 financial affiliates doing operating in 20 countries including China, Hong Kong, Singapore and the U.K.
The new fully paid-in capital increase investment will enable the Japanese financial group to take over the control and management of Hyundai Swiss Savings Bank, HSB2, HSB3 and HSB4.
“We have become the first savings bank in Korea to attract foreign investment amid the ongoing industry overhaul,” said a member of Hyundai Swiss Savings Bank. “The investment will help us develop into the best savings bank in Korea, recoding more than 7 percent in the equity capital ratio based on Bank for International Settlements, via improvement in fiscal structure.”
Source: Newsis (Feb. 6, 2013)
** This is the translation of a Korean article.