Internet Banking Act Rejected... KT "Will Consult Shareholders to Restore K-Bank"

[Asia Economy Reporter Koo Chae-eun] KT, the shareholder of 'K-Bank,' is unable to hide its frustration as the amendment to the Special Act on Internet Banks failed to pass the National Assembly plenary session.

According to the National Assembly on the 5th, the amendment to the Special Act was rejected in the plenary session with 75 votes in favor, 82 against, and 27 abstentions out of 184 members present. The amendment to the Internet Banking Act, which passed the Legislation and Judiciary Committee the day before, aimed to remove the record of violation of the Fair Trade Act (penalty of fine or higher) from the major shareholder eligibility requirements.

KT only conveyed a general stance, stating, "We will work with other shareholders to normalize K-Bank's management."

As a result, the path for K-Bank to receive capital injection from KT and normalize its management has effectively been blocked. K-Bank is now in a position where other shareholders besides KT must seek alternatives such as increasing capital or KT affiliates' indirect capital increase.

This content was produced with the assistance of AI translation services.