[THE INVESTOR]
Hyundai Securities plans to sell its stake in K Bank, one of Korea’s first Internet-only banks, the firm said on June 23.
The brokerage firm is the third-largest shareholder of K Bank, to be launched by No. 2 telecom operator
KT, with 10 percent shares.
It will seek a board approval for the transaction at a meeting on June 28.
“We gained the consent from K Bank’s other shareholders regarding the share sell-off,” a Hyundai Securities official said. “We will begin the disposal procedure in earnest after the board’s decision.”
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Hyundai Securities. |
The move comes as KB Financial Group’s acquisition of Hyundai Securities in April will cause a conflict of interest, since its key subsidiary KB Kookmin Bank is a major shareholder of Kakao Bank, another Internet bank picked for a government-led pilot program.
Kakao Bank and K Bank will offer financial services from deposits, lending and credit cards to foreign exchange transactions through their online platforms only -- the first of their kind in Korea’s 23 years of financial history.
The price for the 10 percent shares in K Bank is expected to be around 25 billion won (US$21.7 million) on par with the amount of investment by Hyundai Securities.
Several brokerage firms, including NH Investment Securities, are said to be keen on buying the shares in the mobile-only bank.
By Park Han-na (
hnpark@heraldcorp.com)
