Shinhan Financial Group completed the incorporation of a 100% subsidiary by acquiring an additional 40% of the remaining stake in Asia Trust on the 16th.
Shinhan Financial Group acquired a 60% stake in Asia Trust in May 2019 and incorporated it as a subsidiary.
In the meantime, Shinhan Financial Group has been expanding its business area through ‘One-Shinhan’ collaboration after being incorporated as a subsidiary of Asia Trust. As a result, the amount of new orders received last year recorded 189.7 billion won, a whopping tenfold increase in three years.
In addition, through remarkable growth in the field of responsible construction managed land trusts over the past three years, the amount of new orders received by MS reached 10.8 billion won as of last year, and net profit tripled from 24.2 billion won to 75.8 billion won during the same period. It has grown to become a major subsidiary of the group’s non-banking division.
An official from Shinhan Financial said, “The incorporation of Asia Trust into a wholly owned subsidiary will expand the group’s real estate business division capabilities and further vitalize collaboration with group companies from a One-Shinhan perspective.” “he said.
Meanwhile, Asia Trust plans to hold an extraordinary general meeting of shareholders at the end of this month and change its name to ‘Shinhan Asset Trust’.
By Jung Gong-ho, staff reporter ball@fortunekorea.co.kr
