Japanese investment firm eyes Hyundai Swiss Savings

Korea’s financial regulator said yesterday it has received an application from a Japanese financial firm to acquire a troubled local savings bank amid the ongoing industry overhaul after a bunch of players went bankrupt two years ago.

The Financial Services Commission (FSC) said SBI Holdings, the holding company of Japanese financial investment firm SBI Group, submitted a request to the FSC seeking approval for the acquisition of Hyundai Swiss Savings Bank and Hyundai Swiss 2 Savings Bank.

The two affiliated savings banks were among some 24 players whose operations were shut down by the regulator here between 2011-2012 due to imprudent lending practices.

Upon the FSC’s approval, SBI Group will secure an 89.4 percent stake in Hyundai Swiss and a 93.9 percent stake in Hyundai Swiss 2, the watchdog said, taking full control of four affiliates of the savings bank.