South Korean fixed and mobile operator KT is pressing ahead with plans to acquire 20% of BC Card, the country’s largest credit card firm, from Woori Bank, according to reports.
The reports cite a regulatory filing that states KT has signed an MoU to buy…
South Korean fixed and mobile operator KT is pressing ahead with plans to acquire 20% of BC Card, the country’s largest credit card firm, from Woori Bank, according to reports.
The reports cite a regulatory filing that states KT has signed an MoU to buy a stake of an undisclosed size as part of plans to increase its telecom-finance convergence business.
However, Woori Bank revealed in August that it planned to complete the transfer of 20% of BC to KT by the end of the year.
According to the reports, the deal would help KT expand its portfolio, enabling it to offer a combination of banking and telecom services.
KT and BC were unavailable to comment before the press deadline.
