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Meritz Securities Building, Yeouido, Seoul (Photo = Meritz Securities) |
[Alpha Biz= Paul Lee] The court has initiated the restructuring process for the large retailer, Homeplus, and it is reported that the financial exposure related to Homeplus (including loans, guarantees, etc.) exceeds 1.4 trillion KRW.
Among this, Meritz Financial Group holds the largest share, with exposure amounting to 1.2 trillion KRW.
According to the financial sector on Tuesday, as of March 2, the total financial exposure of Homeplus in the banking sector is 1.446 trillion KRW.
Meritz Securities has the largest individual exposure, with 655.12 billion KRW, followed by Meritz Capital and Meritz Fire & Marine Insurance, with exposures of 280.77 billion KRW each.
Last May, Meritz Fire & Marine Insurance, Meritz Securities, and Meritz Capital, the three Meritz Financial affiliates, extended a senior loan of 1.2 trillion KRW to Homeplus.
Homeplus provided the income securities from a trust agreement with a real estate trust company as collateral to the three Meritz affiliates. The trust agreement manages Homeplus's real estate and tangible assets as trust property.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
