South Korea’s KT Corp. is to acquire a 14.9% stake in BC Card, the country’s largest credit card firm, from another credit card company Shinhan Card, according to a Shinhan Financial Group official in a statement.
This announcement comes after Woori Bank…
South Korea’s KT Corp. is to acquire a 14.9% stake in BC Card, the country’s largest credit card firm, from another credit card company Shinhan Card, according to a Shinhan Financial Group official in a statement.
This announcement comes after Woori Bank said last week it planned to complete the transfer of 20% of BC to KT by the year-end. If both deals are completed, KT will become BC Card’s largest shareholder. According to the Shinhan Financial official, KT plans to use the card companies’ communication networks to develop its mobile transaction business on smartphones. “The final amount of shares to be sold and sale price have yet to be determined,” the Shinhan Financial official said.
