OK Financial Returns Loan License..."Stepping Stone to Becoming a Comprehensive Financial Group"
Afro Financial Loan Early Withdrawal After 1 Year and 3 Months
Loan Claims and Goodwill Transferred to OK Savings Bank
On the 19th, OK Financial Group returned its money lending business license and is preparing to advance as a comprehensive financial group. OK Financial announced that its lending affiliate, Apro Financial Loan (Rush & Cash), returned its money lending business license on this day.
OK Financial Group has been working on withdrawing from the lending business in accordance with the "Sound Management and Conflict of Interest Prevention Plan for Savings Banks" submitted to financial authorities when acquiring Yeju and Yenarae Savings Banks, the predecessors of OK Savings Bank, in 2014. It withdrew 'One Cashing' in 2018 and 'Miz Sarang' in 2019, and this year, it has been promoting the transfer of loan receivables held by Apro Financial Loan, the remaining lending affiliate.
Accordingly, 735.1 billion KRW of normal loan receivables eligible for sale among Apro Financial Loan’s loan receivables were transferred to OK Savings Bank, and other loan receivables were sold to OK F&I. Existing customers can continue to receive financial services and benefits from OK Savings Bank. Even in cases where loans were sold to OK F&I, customers can use the same financial services until the loan maturity.
OK Financial completed the withdrawal from the lending business 1 year and 3 months earlier than the originally promised period to financial authorities. OK Financial Group plans to reorganize its business portfolio by acquiring new financial companies such as securities firms and asset management companies to advance as a comprehensive financial group.
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An OK Financial official stated, “The early withdrawal from the lending business, which had been a practical obstacle to mergers and acquisitions of new financial companies, reflects the will of Chairman Choi Yoon of OK Financial to advance as a comprehensive financial group.”
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