Shinhan, Hana, and Woori Bank are selling their shares in DB Asset Management worth 37.5 billion won.

Shinhan, Hana, and Woori Bank are selling their shares in DB Asset Management worth 37.5 billion won.: COMPANY / Reporter Kim Jisun / 2023-09-19 06:02:35

[Alpha Biz=(Chicago) Reporter Kim Jisun] Shinhan, Hana, Woori Bank, Industrial Bank of Korea, and Busan Bank have begun selling their stakes in DB Asset Management (DB Management) worth 37.5 billion won. These banks held a 44.67% stake in DB Asset Management in accordance with government policy in the past.

According to the investment banking (IB) industry on the 18th, these banks selected Shinhan Bank as the organizer of the sale and announced the sale of their stake in DB Asset Management. The number of shares sold amounts to 2.68 million shares (44.67% stake). Shinhan Bank (14%) holds the largest number of shares after DB Financial Investment (55%), the largest shareholder of DB Asset Management. Hana Bank 9%, Industrial Bank 9%, Busan Bank 7%, and Woori Bank 6%. They set an estimated sale price of 37.5 billion won (14,000 won per share).

As the Industrial Bank of Korea, a public organization, participates as a joint selling bank, the sale will be carried out through open competitive bidding. The sale of the stake is said to be conducted at the request of DB Management.