KT Major Shareholder Restrictions Lifted... Inbaeng Act Passes Judiciary Committee
KT's Long-Awaited Goal, 'K Bank Normalization' Overcomes Hurdle
Resumption of Financial Authorities' Eligibility Review After Plenary Session on the 5th
Stake Increased from 10% to 34%, Expected to Become Major Shareholder
KT Becomes the Only Telecom Operator Running a 'Banking Business'
[Asia Economy Reporter Koo Chae-eun] The Special Act on Internet-Only Banks (Inbank Act), which deletes the clause on Fair Trade Commission law violations from the major shareholder eligibility requirements, has passed the National Assembly's Legislation and Judiciary Committee. Accordingly, KT is expected to become the only major shareholder among the three major telecom companies to hold a banking business.
On the 4th, the Legislation and Judiciary Committee held a plenary session and approved the amendment to the Inbank Act. Previously, the amendment passed the National Assembly's Political Affairs Committee plenary session in November but failed to pass the Legislation and Judiciary Committee due to opposition from some lawmakers. If the Inbank Act, which has cleared the Legislation and Judiciary Committee, passes the plenary session of the National Assembly on the 5th, the financial authorities' major shareholder eligibility review for KT may resume. Unless there is an unexpected event, KT will become the largest shareholder of K-Bank, and the 590 billion KRW rights offering that K-Bank had been promoting based on KT's share expansion is expected to proceed, normalizing operations.
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KT is expected to focus all efforts on increasing its stake in K-Bank, currently the second-largest shareholder with a 10% stake, to 34% to resolve K-Bank's financial difficulties. K-Bank has suspended the sale of most loan products since April last year. Additionally, KT is expected to introduce various big data AI services combined with finance, coinciding with the passage of the Data 3 Act. A KT official explained, "Many new industries related to K-Bank that had been on hold will be able to shine once the bill passes."
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