Welcome Financial Group, Early Withdrawal from Loan Business
[Asia Economy Reporter Kim Hyo-jin] Welcome Financial Group is withdrawing from the loan business.
On the 27th, Welcome Financial announced its plan to return its loan business license and move forward as a digital comprehensive financial group. Anywon Capital Loan, a subsidiary within the group, also returned its license.
Welcome Financial plans to reorganize and expand its business as a full-fledged comprehensive financial group by winding down its loan and loan brokerage operations. All loan receivables from Welcome Crediline Loan and Anywon Capital Loan will be transferred to Welix F&I Loan, an affiliate engaged in non-performing loan (NPL) purchase and collection business. The total amount of receivables to be transferred is approximately 300 billion KRW.
A representative from Welcome Crediline Loan stated, “Although all loan receivables will be transferred to Welix F&I Loan, benefits and services for existing customers will be maintained and provided as before,” adding, “While no new loans will be issued, customers currently using financial services will continue to do so without inconvenience.”
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Welcome Financial originally planned to end its loan business in 2024, but this decision was made following the determination of Chairman Son Jong-joo and the management team. Next year marks the 20th anniversary of the group’s founding, and the company envisions expanding and developing its business in line with its goal of becoming a digital comprehensive financial group.
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