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South Korea's FSC Meets with Lenders on June 9 Over Homeplus-Linked Losses at Savings Banks

GateNews
According to financial regulators on June 9, South Korea's Financial Supervisory Commission will convene lenders, including savings banks, to discuss risks from Homeplus retail property investments as the company's restructuring procedures face potential bankruptcy. Savings banks invested a combined 22.7 billion won through subordinated positions in the Daehan No. 21 Trust Management REIT, while SBI Savings Bank holds 25 billion won in the Igis Core Retail Real Estate Trust No. 126 alongside Nonghyup Bank. Unlike banks, which already wrote off direct Homeplus loans last June, savings banks remain exposed as junior investors, meaning subordinated positions will recover less if collateral is liquidated at lower prices. The commission seeks to assess indirect exposure and develop response strategies as potential losses could reshape second and third quarter earnings.
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