Saengbo Real Estate Trust, a New Start as 'Kyobo Asset Trust'

[Asia Economy Reporter Oh Hyung-gil] Kyobo Life Insurance's real estate trust company, which it acquired last year, has changed its name to 'Kyobo Asset Trust' and is making a fresh start.

On the 21st, Saengbo Real Estate Trust held an extraordinary general meeting of shareholders and approved an amendment to the articles of incorporation to change its name to Kyobo Asset Trust. Kyobo Life Insurance acquired 100% ownership by purchasing the 50% stake held by Samsung Life Insurance last July.

Kyobo Asset Trust plans to unify its name and corporate identity (CI) with Kyobo Life Insurance to strengthen synergy and create a stepping stone for growth.

Until now, it has focused on conservative management centered on collateral trust-based managed trust business, but it has established a management policy to actively expand its business in the future. The strategy is to diversify profits by strengthening the competitiveness of collateral trusts and entering high-profit borrowing-type and responsibility-completion-type land trust businesses.

In December last year, Kyobo Asset Trust reorganized its structure by establishing a regeneration business team and reinforced personnel to expand its REITs business. It also plans to enhance synergy through collaboration with affiliates such as Kyobo Life Insurance, Kyobo Securities, and Kyobo Realco and to pursue new business ventures.

A trust official said, "We will actively promote business expansion into development market sectors such as responsibility-completion-type managed land trusts and borrowing-type land trusts, and also focus on entering urban regeneration projects and diversifying the REITs business. We will use the new name and CI as a foundation for a new leap forward."

Meanwhile, Kyobo Asset Trust, established in 1998, ranks 7th in the industry based on net profit and holds the number one market share in the collateral trust sector.