SC Lowy Acquires Remaining Stake in Choeun Savings Bank

19-Apr-2018 Intellasia | BusinessWire | 1:19 PM Print This Post

HONG KONG–(BUSINESS WIRE)–#commercialbank–SC Lowy, an international banking and finance group specialised in fixed
income, has acquired the remaining stake in Choeun Savings Bank in South
Korea from Yuil PE, a private equity fund specialised in corporate
restructuring buyout deals.


The acquisition increases SC Lowy’s ownership of Choeun Savings Bank to
99.8% and represents a successful exit for Yuil, which initially
co-invested alongside SC Lowy in October 2013.

“The investment for the remaining stake reaffirms our commitment to
Korea, fully integrating the bank into our overall global strategy,”
said Soo Cheon Lee, chief investment officer of SC Lowy. “We plan to
continue to replicate our success in Asia across other markets with a
focus on Europe, consolidating into a wider strategy with banking
platforms to lead our core business in Asia and Europe.”

Since the original acquisition of Choeun Savings Bank in 2013, SC Lowy
and Yuil have also completed the purchase of Golden Bridge Savings Bank
and helped the business:

•expand its balance sheet to US$300m from US$100m;

•create a 15% return on equity from a loss-making position; and

•increase headcount to 57 employees from 20.

During this process, SC Lowy has gained a good understanding of the
Korean savings bank market and Yuil has achieved a significant
investment gain and an enhanced track record. The acquisition of Yuil’s
stake will strengthen SC Lowy’s position in Korea and is in line with
its strategy of building a strong local presence with a long term
commitment wherever it does business.

After the successful transformation of Choeun Savings Bank, SC Lowy and
Yuil will continue to work together on other deals in Korea and rest of
Asia.

About SC Lowy

SC Lowy is an international banking and finance group specialised in
fixed income. Private and employee controlled, the firm uses its balance
sheet to facilitate primary issuance, secondary trading and investments
focused on corporate bonds, loans, trade claims and special situations.
Sector coverage includes energy, infrastructure, manufacturing, telecom
& media, metals & mining, retail, financials, shipping and real estate
for corporations based in Australia, Asia, Europe, the Middle East and
the Americas. Headquartered in Hong Kong, the group was established in
2009 and currently has over 100 employees located across the world’s
major financial centres. In addition to its traditional banking clients,
SC Lowy has built a global institutional client network of over 800
international and regional banks, asset managers, hedge funds, private
equity and pension funds, family offices and corporations.

About Yuil PE

Yuil PE is a private equity corporate restructuring buyout firm
specialised in the financial and manufacturing sectors which includes
machinery, metals, plants and the defense industry.

Contacts

SC Lowy
Brad Smolar, 852 3405 1300
[email protected]

 


Category: BusinessWire, PRAsia

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