SC Lowy takes stake in Korea’s Shinmin

SC Lowy has announced the joint acquisition of a controlling stake in South Korea’s Shinmin Mutual Savings Bank in a deal that will likely give the Hong Kong-based firm a sizeable portfolio of non-performing loans NPLs.

According to the deal terms, SC Lowy, a distressed and illiquid assets specialist, and Yuli PE have jointly acquired 86.9% of Shinmin from Korean construction company Samhwan Corporation. 

The price of the transaction was not disclosed, but Samhwan, in a statement to the Korea Exchange in July last year, said it would sell a  65.8% stake in Shinmin to the pair for Won4.2 billion $3.9 million....