KBI Group is said to have entered the final stage of preparations for screening to complete its acquisition of Sangsangin Savings Bank. KBI Group recently shared a draft business plan with the Financial Supervisory Service and is said to be supplementing the necessary parts. Once KBI Group formally submits the business plan to the Financial Supervisory Service (FSS), it will complete the acquisition of Sangsangin Savings Bank after an eligibility review.
According to the financial authorities on the 7th, KBI Group in mid-last month first shared with the Financial Supervisory Service (FSS) a draft business plan, a document for screening the acquisition of Sangsangin Savings Bank, and is said to have asked about parts that need to be supplemented.
To acquire a financial company, a major shareholder eligibility review must be conducted by the Financial Supervisory Service (FSS). The method involves submitting the creditworthiness of the corporations or representatives pursuing the acquisition to the FSS, as well as the representative's financial crime history. At the same time, a business plan detailing how the company will be operated after the acquisition must also be submitted.
What the Financial Supervisory Service (FSS) focuses on most is the business plan. In the case of the Sangsangin Savings Bank acquisition, it is said to be prioritizing the future capital increase plan. Sangsangin Savings Bank received a prompt corrective action (management improvement recommendation) last year as its soundness deteriorated due to real estate project financing (PF) delinquencies, making it necessary to restore its management status through a capital injection.
KBI Group in Oct. last year signed a stock purchase agreement (SPA) to acquire 90% equity in Sangsangin Savings Bank for 110.7 billion won. KBI Group has since focused on preparing for the acquisition screening for six months. An official at the Financial Supervisory Service (FSS) said, "We are working with KBI Group to flesh out the details of the business plan."