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K-Bank to raise 100 bln won through rights offering

2017/08/10 18:44

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SEOUL, Aug. 10 (Yonhap) -- South Korea's first Internet-only bank, K-Bank, said Thursday that its board of directors has decided to raise 100 billion won (US$87 million) by issuing new shares.

The bank said the board of directors voted to issue 20 million new shares and said additional rights offerings worth 150 billion won are also planned for the end of the year or early in 2018.

The latest decision comes as the bank's soaring loans have lowered its capital adequacy ratio.

K-Bank, which was launched in April with paid-in capital of 250 billion won, has attracted about 440,000 customers and made loans worth 630 billion won.

In comparison, Kakao Bank, South Korea's second Internet-only bank, saw its accounts exceed the 2 million mark, and it has made loans worth 770 billion won just 13 days since launching operations in late July.

K-Bank is led by KT Corp., the nation's biggest fixed-line Internet operator, while Kakao Bank is led by Kakao Corp., operator of the nation's dominant messaging app KakaoTalk.

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angloinfo.com