OK Financial Group Designated as a 'Large Business Group' by the Fair Trade Commission for the First Time in 24 Years

by Song Seungseop

Published 27 Apr.2022 17:15(KST)

Choi Yoon, Chairman of OK Financial Group

[Asia Economy Reporter Song Seung-seop] OK Financial Group has been designated as a large business group. It has been about 24 years since it started operating as a lending company in 1999.

On the 27th, the Fair Trade Commission newly designated OK Financial Group as a large business group. A large business group refers to companies designated by the Fair Trade Commission among those whose total assets of affiliates exceed 5 trillion won. Once designated as a large business group, disclosure obligations arise under the Fair Trade Act, including corporate status, large-scale internal transactions, and important matters of unlisted companies.

The total assets of OK Financial Group affiliates amount to approximately 21.7 trillion won, with total capital of 5.209 trillion won. It consists of a total of 19 companies, including 15 financial affiliates such as OK Savings Bank and Apro Financial Lending, and 4 non-financial affiliates. The fair assets, which serve as the basis for designation as a large business group, are about 5.226 trillion won.

OK Financial Group originated from A&0 Group in March 1999. After Chairman Choi Yoon established OneCashing, Apro Financial (Rush & Cash), which combined seven subsidiaries, was established in 2007, and OK Savings Bank was launched in 2014 by acquiring Yenarae Savings Bank and Yeju Savings Bank.

An OK Financial Group official stated, “As we have been newly designated as a large business group, we plan to faithfully fulfill the disclosure and reporting obligations arising under related laws and regulations. We are also considering various measures, including early liquidation of lending businesses, to transform into a ‘comprehensive financial group’ in line with the grown company size.”

OK Financial Group plans to liquidate Rush & Cash by 2024. In 2018 and 2019, it withdrew the lending companies OneCashing and Miz Sarang, respectively.