OK Financial Group-SangSangin Savings Bank Talks Collapse... Pepper Deal Also Falls Through

OK: "Will Continue Pursuing Growth as a Comprehensive Financial Group"
SangSangin: "Will Proceed with Sale if a Suitable Buyer Is Found"
Pepper: "Difficult to Confirm Details"

The negotiations for OK Financial Group's acquisition of SangSangin Savings Bank have fallen through. The deal for Pepper Savings Bank has also effectively collapsed.

According to the financial industry on July 30, it has been confirmed that SangSangin Savings Bank and Pepper Savings Bank recently notified OK Financial Group of their decision to halt acquisition negotiations.

SangSangin is now considering selling the company to other institutions, including private equity funds, instead of OK Financial Group.

Since 2023, after the Financial Services Commission ordered SangSangin CEO Yoo Junwon to sell his stakes in SangSangin and SangSangin Plus Savings Bank, SangSangin has been pursuing a sale.

The acquisition deal between OK Financial Group and Pepper Savings Bank has also been suspended.

An official from the financial industry stated, "It is true that the negotiations have collapsed," and added, "We will continue to pursue our goal of becoming a comprehensive financial group through mergers and acquisitions (M&A) in the future."

A representative from SangSangin said, "We plan to proceed with the sale if we find a suitable buyer."

A representative from Pepper Savings Bank commented, "As the target company, it is difficult to confirm detailed information about the transaction," and declined to elaborate further.