(Seoul=NSP News Agency) soon ki Lee Journalist = On the afternoon of the 11th, Korean Finance & Service Workers’ Union and Korean Federation of Finance & Service Workers’ Union held a press conference in front of the Financial Supervisory Service in Yeouido, Seoul, and urged Japanese J TRUST and Banker Street, Chinese private equity fund, to immediately stop negotiations on the sale of JT Savings Bank and J Capital.
At the press conference, Lee Jin-han, head of JT Savings Bank Union Branch, said, “On March 31, J Trust Group announced that the sale of JT Savings Bank to VI Financial Investment broke down because it was not approved by financial authorities, but later announced on April 4 that it would sell JT Savings Bank and JT Capital to VI Financial Investment simultaneously.”
“This can be seen as an expedient transaction in which JT Capital is purchased first and JT Savings Bank is acquired indirectly,” he said. “This is such a mockery of Korean financial authorities and financial companies.”
In addition, Kim Sang-soo, manager of JT Capital Union Branch, said, “If Financial Services Commission and the government authorities condone this sale, domestic financial companies will become an easy prey to overseas private equity funds.” He urged, “Financial authorities should immediately come up with an institutional mechanism to prevent overseas speculative capital from indiscriminate hunting of domestic financial firms.”
VI Investment is a financial company established by the acquisition of Hi Asset Management and Hi Investment Futures by BankerStreet PrivateEquity, a Hong Kong-based private equity fund(PEF) management company.
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