The acquisition negotiations of Sangsangin Savings Bank by OK Financial Group have stalled.
According to the financial sector on the 30th, Sangsangin Savings Bank recently conveyed to the Financial Services Commission its intention to suspend acquisition negotiations with OK Financial Group. Sangsangin Savings Bank is reported to be considering selling to a private equity fund instead of OK Financial.
Recently, OK Financial Group and Sangsangin Savings Bank narrowed their differences on the negotiation price and reached the stage just before a stock purchase agreement (SPA). However, it is known that their positions have not converged on specific items. Since the Financial Services Commission ordered Yoon Jun-won, the representative of Sangsangin Group, to sell the equity of Sangsangin and Sangsangin Plus Savings Bank in 2023, Sangsangin Group has been pushing for the sale.