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South Korea's Dayou Group to exit local savings bank

South Korea-based Dayou Group entered into an agreement to sell Smart Savings Bank to JS Asset Management for 78 billion won, Pulse reported March 2.

The deal will enable Dayou Group to fund its acquisition of an 84.5% stake in Daewoo Electronics for an estimated 120 billion won, according to the report. It will also allow the group to redesign its business structure with a focus on the home electronics business.

The agreement was signed Feb. 28, according to the news outlet.

Smart Savings Bank's operating profit was 20.8 billion won in 2016, the report said.

As of March 2, US$1 was equivalent to 1,083.40 South Korean won.