Kyobo Life Insurance's 150 Billion Capital Increase... Kyobo Asset Trust Advances as a Comprehensive Real Estate Finance Company

[Asia Economy Reporter Oh Hyung-gil] Kyobo Life Insurance announced on the 17th that it will conduct a paid-in capital increase worth 150 billion KRW for its subsidiary Kyobo Asset Trust through a rights offering.

Kyobo Asset Trust plans to leap forward as a comprehensive real estate finance company with this capital expansion. The company's equity capital will increase to 300 billion KRW, rising to 7th place in the industry.

In addition to its existing strength in collateral trust, it aims to expand its business area to the development market and strengthen competitiveness to become a mid-to-upper tier trust company.

Kyobo Asset Trust was jointly managed by Kyobo Life Insurance and Samsung Life Insurance, each holding 50% of the shares, until it became a wholly owned subsidiary of Kyobo Life Insurance in July 2019. Last year, it successfully entered the development market by securing projects worth 31.7 billion KRW.

Cho Hyuk-jong, CEO of Kyobo Asset Trust, said, "Through this capital increase, we have enhanced our external credibility and gained momentum to enter medium-to-large scale development projects," adding, "We will expand development projects and revitalize non-trust sectors such as REITs to become a comprehensive real estate finance company providing total solutions for real estate development to our customers."