SC Lowy takes stake in Korea’s Shinmin

Distressed and illiquid assets specialist SC Lowy will likely gain a portfolio of South Korean non-performing loans by acquiring Shinmin from a troubled construction firm.
Korean banks face an NPL crunch, opening the door to distressed specialists
Korean banks face an NPL crunch, opening the door to distressed specialists

SC Lowy has announced the joint acquisition of a controlling stake in South Korea’s Shinmin Mutual Savings Bank in a deal that will likely give the Hong Kong-based firm a sizeable portfolio of non-performing loans NPLs.

According to the deal terms, SC Lowy, a distressed and illiquid assets specialist, and Yuli PE have jointly acquired 86.9% of Shinmin from Korean construction company Samhwan Corporation. 

The price of the transaction was not disclosed, but Samhwan, in a statement to the Korea Exchange in July last year, said it would sell a  65.8% stake in Shinmin to the pair for Won4.2 billion $3.9 million....

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