Saemaeul Geumgo Central Association Changes Company Name from M Capital to MG Capital

Expansion of Business Scope and Comprehensive Financial Services Expected Through MG Capital Acquisition

▲Exterior view of Saemaeul Geumgo Central Association. Provided by Saemaeul Geumgo Central Association.

The National Credit Union Federation of Korea (NACUFOK) announced on the 5th that it completed the final payment for the acquisition of M Capital on the 28th of last month and held an extraordinary general meeting of shareholders to change the name of M Capital to MG Capital.

The new CEO of MG Capital is scheduled to be appointed in March through the MG Capital shareholders' meeting and board of directors from among the applicants who applied during the public recruitment conducted last month.

A NACUFOK official stated, "Through the acquisition of MG Capital, we expect to create synergy effects by collaborating with Saemaeul Geumgo, a community financial institution for low-credit and low-income individuals." He added, "By providing financial services to low-credit groups in the financial blind spots, we will be able to contribute to revitalizing the local economy."