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Biz News Korea(Eng)
Eugene Savings Bank makes fresh new start with new name
- Collected
- 2017.11.21
- Distributed
- 2017.11.22
- Source
- Go Direct
Eugene Group said on Monday it held an opening ceremony of Eugene Savings Bank at its headquarters in Gangnam-gu, Seoul, attended by Eugene Group Chairman Yu Kyung-sun, Eugene Investment & Securities Chairman Yu Ji-chang and Eugene Savings Bank CEO Lee Kye-cheon.
Founded in 1972, Eugene Savings Bank (then Daeyeong Savings Bank) changed its name to Hyundai Savings Bank after it was taken over by former Hyundai Securities in 2011. Then it came under KB Securities after KB Financial Group acquired Hyundai Securities in 2016.
KB Financial Group put Hyundai Securities’ savings bank unit on sale in September in 2016 and named Eugene Group as the preferred bidder for it in May this year. Eugene Group completed the acquisition process last month.
As of the end of last year, Eugene Savings Bank was the country’s eighth largest savings bank with assets of 1.7 trillion won ($1.5 billion). It currently operates four branches in Seoul.
By acquiring a savings bank, Eugene Group that already owns Eugene Investment & Securities, Eugene Asset Management and Eugene Private Equity has joined the country’s full-service financial company club. Eugene Savings Bank is expected to create great synergy effects with Eugene Group’s other financial arms, such as expanded loan services for customers and funding for the group’s investment banking service, according to industry experts.
By Lee Young-wook and Lee Ha-yeon
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]