JT Savings Bank to Be Sold to VI Financial Investment

[Asia Economy Reporter Minyoung Kim] JT Savings Bank will be sold to a financial investment company.

The Japanese J Trust Group announced on the 30th that it has selected VI Financial Investment as the preferred bidder for the sale of its domestic affiliate JT Savings Bank.

The J Trust Group held a board meeting the previous day, officially approved VI Financial Investment as the preferred bidder, and signed a stock transfer agreement between the two parties.

A J Trust Group official stated, "We have been negotiating individually with the buyer, and the group’s board considered not only price factors but also non-price elements such as employment stability through job succession, long-term investment commitment for sustainable growth, and business synergy effects after acquisition."

The sale process of JT Savings Bank, which has selected the preferred bidder and signed the stock transfer agreement, will be completed once it passes the major shareholder suitability review by the Financial Services Commission.