Korea Post Headquarters Hits 1 Trillion Won 'Jackpot' Selling Kakao Bank Shares... No Bonus Given

[Asia Economy Reporter Kim Bong-su] The Ministry of Science and ICT's Korea Post has hit a 'jackpot' worth over 1 trillion won after investing in KakaoBank. They sold shares worth 12 billion won and earned profits exceeding 1 trillion won. However, as a government organization, it is known that there are no incentives for employees, unlike general financial companies.

According to the Ministry of Science and ICT on the 2nd, Korea Post succeeded in a block deal (bulk sale) of 2.9% (13,680,383 shares) of KakaoBank shares held the previous day for 1,094,430,640,000 won. Korea Post had invested 12 billion won out of the total capital of 300 billion won when participating in the Kakao consortium preparing for the launch of the internet-only bank in September 2015. In six years, they earned about 1,082.4 billion won, recording a profit rate of over 90 times. The specific sale targets or prices were not disclosed.

Korea Post explained that the investment was made as part of its unique duties to manage customers' assets received through post office financial services. Post office financial services are financial services operated by post offices, with customer assets received through deposits and insurance reaching around 70 trillion won. Korea Post manages these assets through the Post Office Financial Development Institute and mainly diversifies investments in places that generate stable returns, such as purchasing bonds. However, they sometimes invest in stocks or funds through asset management trustees.

The profits of over 1 trillion won earned by Korea Post are not separately incorporated into the national treasury. They are managed as part of the general asset management income and incorporated into post office financial services. Despite the enormous profits, it is known that there are no separate rewards such as incentives for the responsible employees. A Korea Post official explained, "We only performed our duties as national public officials," adding, "We will carry out the usual work of managing customers' assets well and returning interest."

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