Yoon Ho-young: "KakaoBank Will Become the No.1 Retail Bank"

Expressing Confidence Ahead of IPO at Press Conference
Dispelling Overvaluation Controversy... Emphasizing Growth Potential

Yoon Ho-young, CEO of Kakao Bank, is announcing the listing plan at an initial public offering (IPO) press conference held at the Conrad Hotel in Yeouido, Seoul, on the morning of the 20th.

[Asia Economy Reporter Kiho Sung] "I believe innovation is when customers use a service frequently and in large numbers. From this perspective, the number one financial platform in Korea is KakaoBank."

Yoon Ho-young, CEO of KakaoBank, expressed confidence ahead of the company's initial public offering (IPO), stating, "We will become the number one retail bank." He aimed to quell recent controversies over 'overvaluation' and emphasized the growth potential of internet-only banks. He also revealed ambitions to accelerate growth based on a user base of 16.15 million as of the first quarter of this year.

At a press conference on the 20th, CEO Yoon highlighted the differentiation of KakaoBank's business model, saying, "KakaoBank's banking business and platform business have grown synergistically, creating a unique mechanism that other operators have never attempted."

In the first quarter of this year, KakaoBank's account transfer amount reached 79.1 trillion KRW, marking a 160% increase compared to 49.33 trillion KRW in the same period last year. The customer age groups are also diversifying. Notably, through the youth-exclusive product KakaoBank Mini, the bank has secured a significant number of teenage customers, a future growth engine. The proportion of customers aged 50 and above, who have strong purchasing power, has increased significantly from 9% in 2017 to 15% currently.

CEO Yoon emphasized, "KakaoBank's customer base differs not only in scale but also qualitatively from other financial companies and fintech operators. A substantial balance is maintained in KakaoBank's demand deposit accounts, indicating that these are becoming primary transaction accounts."

Meanwhile, KakaoBank officially began its IPO process on the same day with a demand forecast for institutional investors. Based on the expected public offering price (33,000 to 39,000 KRW), KakaoBank's market capitalization is estimated at approximately 18.53 trillion KRW, ranking third among financial stocks on the KOSPI market, following KB Financial Group (21.25 trillion KRW) and Shinhan Financial Group (19.71 trillion KRW). The public offering price will be finalized on the 22nd, with subscription dates on the 26th and 27th. The listing is scheduled for the 6th of next month.

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