(Seoul=NSP News Agency) soon ki Lee Journalist = Shinhan Financial Group announced on the 17th that it had acquired the remaining 40% stake in Asia Trust on the 16th.
Shinhan Financial Group acquired a 60% stake in Asia Trust in May 2019 and incorporated it as a subsidiary, and with the acquisition of the remaining stake, Asia Trust was incorporated as a 100% wholly-owned subsidiary.
Asia Trust has expanded its business area through One-Shinhan collaboration after being incorporated as a subsidiary. Based on this, the amount of new orders contracted in 2021 grew to 189.7 billion won, which is a tenfold increase from 17.4 billion won in 2018.
In addition, it has become a major subsidiary of the group’s non-banking sector, with the achievement of the first place in the MS for new orders in 2021(110.8 billion won) through remarkable growth in the field of responsible completion management land trust sector over the past three years, and with its net profit more than tripled over the same period from 24.2 billion won in 2018 to 75.8 billion won in 2021.
An official from Shinhan Financial Group said, “The incorporation of Asia Trust as a wholly-owned subsidiary will expand the group’s real estate business capabilities and further revitalize cooperation with group companies from a One-Shinhan point of view, and “From a portfolio perspective, Shinhan Financial Group will further strengthen its competitiveness.”
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