KT Corp to buy 20% BC Card stake

Woori and KT will sign an MOU as two parties will continue to negotiate purchase price.

KT Corp will buy a 20 percent stake in BC Card from Woori Bank, a banking unit of Woori Finance Holdings, the bank said on Thursday.

"(Woori Bank and KT) will sign an MOU in a broad framework and discuss further details later," a Woori Bank spokesman said, adding the two parties will continue to negotiate the purchase price.

In February, KT, the country's top fixed-line operator and No.2 mobile firm, agreed to buy a 14.85 percent stake in the credit card processing company from Shinhan Card, which local media said was worth $87 billion.

The deal, which would make KT the largest shareholder in the credit card firm, comes at a time when South Korean telecom companies are trying to enter the financial services market in search of new growth sources.

A local private equity firm, Vogo Fund, is its biggest shareholder with a 30.68 percent stake.

SK Telecom, South Korea's No.1 mobile carrier, already tapped into the credit card market as saying it would buy a 49 percent stake in the credit card unit of Hana Financial Group for $343 million.

View the full story in Reuters.

Also Read

OCBC teams up with Disneyto boost new customer growth in SEA

Vietnam’s debit card payments market to be worth $65.6b in 2028

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit