BC Card Applies for Major Shareholder Eligibility Review of K Bank

[Asia Economy Reporter Ki Ha-young] BC Card has applied to the financial authorities for a major shareholder suitability review to support K-Bank.

According to the industry on the 8th, BC Card submitted an application for a major shareholder suitability review to the financial authorities on the same day. Earlier, BC Card decided through a board resolution on the 14th of last month to acquire 10% of K-Bank's shares held by its parent company, KT. BC Card plans to participate in K-Bank's paid-in capital increase next month and secure up to 34% of the shares, including purchasing existing shares from KT. Approval from the financial authorities is required for this.

Initially, K-Bank pursued a plan for KT to become the largest shareholder, but the major shareholder suitability review for K-Bank was canceled due to KT's violation of the Fair Trade Act. According to the Internet Specialized Bank Act, a major shareholder must have no history of violations such as the Fair Trade Act to obtain approval for holding shares exceeding the limit. Although a revision bill to the Internet Bank Special Act was submitted to the National Assembly to address this, it was rejected at the plenary session in March. Consequently, BC Card stepped in to save K-Bank on behalf of KT. A partially revised bill passed the National Assembly on the 29th of last month, but the plan for BC Card to become the major shareholder will proceed as scheduled.

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