Banks' Merger Appears On Again
The merger of Tong Yang-Hyundai Investment Bank and Regent Merchant Bank is back on, the Financial Supervisory Commission said Monday."We have information that the two firms resolved their differences on profits from the sale of securitized debts," an official at the commission said.
Regent wants to use rights to lease payments worth 50 billion won ($38.9 million) to back an issuance of fresh securities. Tong Yang balked recently at Regent's plan to pay 45 percent of the issuing profit to the underwriter, but said it had agreed to a 25 percent commission.
The merger was authorized by the commission May 25. Tong Yang merged with Hyundai-Ulsan Merchant Banking Corporation in March.
with the Korea JoongAng Daily
To write comments, please log in to one of the accounts.
Standards Board Policy (0/250자)