[비즈한국] Sh Suhyup Bank is pushing for the acquisition of Sangsangin Securities. Suhyup Bank has been pursuing mergers and acquisitions (M&A) with the goal of expanding its non-banking business and transitioning into a financial holding company. As securities firms are rare in the M&A market, the move has drawn industry attention, though several hurdles remain, including price negotiations and regulatory approval for a change in major shareholding. This deal is also notable because, if successful, it would signify a shrinking of the Sangsangin Group's financial operations, especially since Sangsangin is already in the process of selling its savings banks.
It is reported that Sh Suhyup Bank is pursuing the acquisition of Sangsangin Securities. Following related media reports, Sangsangin Securities acknowledged the discussion through a public filing on the 6th, stating, "Our major shareholder, Sangsangin, and Suhyup Bank are in talks regarding the sale of our shares, but nothing has been confirmed in detail." The deal is currently in the due diligence stage, and details such as the transaction price have not yet been determined.
Suhyup Bank is acquiring non-banking financial subsidiaries with the goal of diversifying revenue and transitioning into a financial holding company. In his 2025 vision proclamation ceremony, Suhyup Bank President Shin Hak-ki presented a vision to "leap into a financial institution that provides omnidirectional financial services beyond just banking." In fact, Suhyup Bank acquired Trinity Asset Management from SK Securities in September 2025 and changed its name to Sh Suhyup Asset Management that November.
In 2022, the National Federation of Fisheries Cooperatives (Suhyup) unveiled a goal to transition into a financial holding company structure by 2030. The roadmap at the time included plans to acquire an asset management firm first, followed by securities and capital firms by 2030. While Suhyup Bank and the Suhyup central organization have acknowledged their long-term direction toward becoming a financial holding company, they have not issued any specific statements regarding this particular acquisition of a securities firm.
The news of Suhyup Bank's potential acquisition of Sangsangin Securities has drawn attention because securities firms are rarely available in the M&A market. Recent securities industry M&As include activist private equity firm KCGI’s acquisition of a 29.59% stake in Hanyang Securities in June 2025 and Woori Financial Group’s acquisition and merger of small firm Pos Securities in August 2024; the last transaction prior to those took place in 2018.
Because of this, market eyes have turned toward Sangsangin Securities, but a Sangsangin representative stated, "It was not Sangsangin that put the securities firm up for sale first." According to Yonhap News, Suhyup Bank is negotiating exclusively with Sangsangin with the goal of concluding the deal by the end of the year. A Stock Purchase Agreement (SPA) has not yet been signed. Currently, the largest shareholder of Sangsangin Securities is Sangsangin with a 55.85% stake, and Sangsangin Group CEO Yoo Jun-won also holds a 5.1% stake.
Sangsangin Securities’ situation is not dire, as it has recently improved its performance. Its net profit for the first quarter of 2026 was 8.4 billion KRW, marking a successful turnaround to a surplus after reducing its deficit. Its net profits for 2024 and 2025 were -47.4 billion KRW and -6.2 billion KRW, respectively. As of the end of 2025, its total equity stood at 195.3 billion KRW, a 7.9% increase from the previous year. Given the scarcity of securities firms on the market, its corporate value could potentially rise further.
It remains uncertain whether Suhyup Bank will successfully complete the acquisition, as there are many processes to go through before the deal is finalized. Acquisition conditions and the transaction price must be set before an SPA can be signed, and since the firm was not initially put up for sale, reaching an appropriate valuation could be difficult. Approval from relevant agencies is also required. When acquiring a financial institution, one must submit an application to the Financial Services Commission (FSC) to undergo a review for change in major shareholding. Since the regulatory body for the National Federation of Fisheries Cooperatives is the Ministry of Oceans and Fisheries, consultation with them is also necessary.
This acquisition bid has also drawn attention to the current status of Sangsangin Group’s financial subsidiaries. Sangsangin’s financial subsidiaries include Sangsangin Savings Bank, Sangsangin Plus Savings Bank, and Sangsangin Securities. Sangsangin has been pushing for the sale of Sangsangin Savings Bank and Sangsangin Plus Savings Bank since October 2023. This is because CEO Yoo Jun-won received heavy disciplinary action in December 2019 for illegal lending, which caused issues with the requirements for maintaining major shareholder eligibility. Following the governance structure of CEO Yoo → Sangsangin → Sangsangin Savings Bank and Sangsangin Plus Savings Bank, financial authorities ordered them to sell over 90% of their savings bank stakes.
With Suhyup Bank now moving to acquire the securities firm, virtually all of Sangsangin's financial subsidiaries are effectively up for sale. Sangsangin Group's business divisions are broadly divided into information communication, finance, shipbuilding equipment manufacturing, and computer program development and operation. If they sell off all their financial companies, the remaining major subsidiaries would only be Sangsangin Marine Machinery, a shipbuilding automation equipment manufacturer, and Sangsangin Plus, which develops computer programs.
However, the sale of Sangsangin Savings Bank and Sangsangin Plus Savings Bank is proceeding slowly. In October 2025, Sangsangin signed a contract to sell a 90.01% stake in Sangsangin Savings Bank to KBI Group, which engages in businesses such as auto parts, for 110.7 billion KRW. KBI Group previously acquired Raon Savings Bank through its subsidiary KBI Kookin Industry, which handles waste treatment. However, as the application process for the major shareholder eligibility review was delayed, the scheduled date for the stock disposal was postponed from April 30 to August 31. It is reported that KBI Group only submitted its application in July.
There is still a possibility that the stock disposal order could be canceled. Sangsangin is currently engaged in a lawsuit against the FSC to cancel the order to meet major shareholder eligibility requirements and the order to dispose of shares. Sangsangin lost the first trial in December 2024 but appealed the ruling. In the second trial, the first hearing was only held in November 2025 after the appeal was filed in January, and a verdict has not yet been reached.