On the 3rd, the Saemaul Geumgo announced that it will begin preparing for the purchase and collection of non-performing loans.
The National Association of Saemaul Geumgo is intensifying preparations for the July launch of a new asset management subsidiary, Saemaul Geumgo Asset Management Company (Asset Management Company: MG-AMCO), to strengthen the soundness management and sustainable management foundation of Saemaul Geumgo.
The National Association of Saemaul Geumgo decided in a board meeting in February to invest 30 billion won in the asset management company. Last month, after completing the registration of establishment and business registration, the asset management company also held a board meeting and an extraordinary shareholders’ meeting to prepare the business plan and budget for 2025.
Currently, the asset management company is preparing to launch with 1 headquarters and 3 departments (management, investment planning, and asset management), and approximately 40 to 50 employees (tentative). The recruitment process for employees is also progressing smoothly. The general online document submission deadline closed on the 23rd of last month. The selected employees, who will go through interviews and other recruitment procedures this month, are expected to start their first work at the office located in Seogyo-dong, Mapo-gu, Seoul, next month.
Currently, the basic infrastructure, including the office and computer systems, is being established expeditiously. The National Association of Saemaul Geumgo plans to actively support human and material resources so that the newly established subsidiary can quickly carry out normal operations.
The asset management company will perform duties that efficiently support the prevention of non-performance and management improvement for Saemaul Geumgo and the Central Association, as well as the resolution of non-performing loans. Immediately after its operational start in July, it plans to focus on resolving non-performing loans (purchase and recovery) to enhance the soundness of Saemaul Geumgo. It will purchase non-performing loans quarterly and sequentially carry out collection procedures such as recovery.
Subsequently, it plans to gradually prepare various matters and expand its business scope to include entrusted debt recovery, loan ancillary investigations, and the sale and development of purchased real estate. Accordingly, it also plans to gradually expand its organization and personnel.
The work that MCI Lending (purchase) and MG Credit Information (recovery) separately performed will also be unified. A comprehensive and systematic system for resolving non-performing loans for Saemaul Geumgo is expected to be established, leading to faster and more efficient processing.
A representative from the National Association of Saemaul Geumgo noted that "the asset management company will lay the groundwork for enhancing the soundness of the Saemaul Geumgo based on professionalism and accountability," and that "it is expected to play a key role in improving inefficiencies caused by disparities in the capabilities of individual Geumgo in debt management and establishing an orderly crisis management system to strengthen member trust."