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South Korea: Pepper finalizes buyout of South Korean savings bank

 |  October 24, 2013

Australia-based Pepper Group announced Monday the completed acquisition of South Korea-based mutual savings bank formerly known as Evergreen Savings Bank.

The South Korean bank reportedly has two branches, both in cities near the capital of Seoul, with total assets worth nearly $176 million.

Following the buyout, Evergreen will be known as Pepper Savings Bank.

In a statement, Pepper co-CEO Patrick Tuttle said the company had been “closely monitoring the mutual savings bank sector” in the nation for more than two years.

The buyout marks Pepper’s first entry into the South Korean mutual savings industry in South Korea.

Full content: Banking Business Review

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