KB Kookmin Bank Decides to Sell Entire Portion of Long-Term Delinquent Bonds Held by Sangnoksoo to Sae-Do-Yak Fund

KB Kookmin Card, as a Shareholder, Agrees to Bond Sale

On May 12, KB Kookmin Bank announced its decision to sell the entire portion of long-term delinquent bonds—corresponding to its share—held by private non-performing asset management company Sangnoksoo First Securitization Specialty Company to the Sae-Do-Yak Fund operated by Korea Asset Management Corporation (KAMCO).

KB Kookmin Card, while holding no separate bond balance, also agreed to the bond sale as a shareholder. Sangnoksoo was established as a special purpose company (SPC) through joint investment by major financial institutions in the early 2000s to manage the surge of non-performing loans during the credit card crisis.

Once these bonds are transferred to the Sae-Do-Yak Fund, debt collection will cease immediately, and debt restructuring or installment repayment will be pursued based on each debtor's repayment ability. For borrowers such as basic livelihood security recipients who are deemed unable to repay, the bonds will be automatically written off within one year.

A KB Kookmin Bank representative stated, "In making this decision, we have seriously acknowledged that long-term delinquent borrowers have been left in a financial blind spot," adding, "We will continue to fulfill our social responsibility as a bank to help vulnerable groups regain their footing in economic activity."

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