K Bank Completes Paid-in Capital Increase... Stock Options Granted to All Employees

[Asia Economy Reporter Kiho Sung] K-Bank, the first internet-only bank, has completed a paid-in capital increase of 1.25 trillion KRW decided at the end of May.

According to a disclosure by the Korea Federation of Banks on the 14th, K-Bank's capital payment was completed on the 9th. As a result, K-Bank's total paid-in capital surged to 2.1515 trillion KRW.

Although the completion of the capital payment caused some changes in major shareholding ratios, there is no significant change in the major shareholders. First, BC Card remains the largest shareholder with a 34% stake, and Woori Bank is the second largest shareholder with 12.68%. The joint third largest shareholders are Bain Capital and MBK Partners, each holding 8.26%. The fifth largest shareholder is Kanye Limited (MC Partners Tonic PE) with a 6.19% stake, the sixth is JS Shinhan Partners Limited (5.16%), and the seventh is NH Investment & Securities (4.84%).

Through this capital increase, K-Bank plans to further expand its information technology (IT) infrastructure and, in line with the purpose of launching an internet-only bank, to advance its credit scoring system (CSS). It also intends to expand supply to middle- and low-credit borrowers.

Additionally, on the 9th, K-Bank granted stock options to all employees through a general shareholders' meeting. Following the grant of 900,000 stock options to President Ho-sung Seo in April, this time a total of 2.1 million shares were granted to 320 employees.

The exercise price was set at 6,500 KRW, with basic conditions including a mandatory two-year service period, achieving a capital of 2 trillion KRW, and pre-tax profit of at least 100 billion KRW.

Along with this, to eliminate redundancy, K-Bank decided to change its corporate name from "K-Bank Co., Ltd." to "K-Bank Corporation" starting September 1.

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