BC Card to Become Largest Shareholder of K Bank... Financial Services Commission Approves Excess Holdings

BC Card Holds 34%, Woori Bank Holds 19.9% Stake

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[Asia Economy Reporter Kangwook Cho] BC Card has become the largest shareholder of K-Bank.

The Financial Services Commission held a regular meeting on the 22nd and announced that it approved the excess shareholding limits of BC Card and Woori Bank in K-Bank.

Accordingly, BC Card will hold 34%, and Woori Bank will hold 19.9% of the shares (common stock basis).

According to the Internet-only Bank Act, ICT companies and other non-financial major shareholders can acquire up to 34% of voting shares in internet-only banks.

The Financial Services Commission judged that BC Card and Woori Bank each meet the requirements for financial soundness and social credit as stipulated in the Internet-only Bank Act and the Enforcement Decree of the Banking Act.

BC Card plans to acquire 39,002,271 shares of K-Bank (worth 195 billion KRW) through a paid-in capital increase on the 28th. After the capital increase, BC Card will acquire 61,312,213 shares of K-Bank, becoming the largest shareholder with a 34% stake.

Previously, K-Bank had KT as its major shareholder, but it faced management difficulties after failing to pass the review due to violations of the Fair Trade Act. Consequently, K-Bank introduced BC Card as a new major shareholder.

On the 7th, BC Card acquired a 10% stake in K-Bank from KT, and currently, Woori Bank holds 13.79%, BC Card holds 10%, and NH Investment & Securities holds 10% of K-Bank shares.

Once the paid-in capital increase and acquisition of convertible new shares are completed normally, BC Card will increase its stake in K-Bank to 34%, becoming the largest shareholder, while the current largest shareholder, Woori Bank, will hold 26.2% (19.9% common stock + 7.3% convertible preferred stock).

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