South Korean fixed and mobile operator KT is to buy a majority stake in BC Card, the country’s largest credit card company, from private equity firm Vogo Fund, Shinhan Card and Busan Bank, according to Dow Jones citing the Korea Economic Daily.
KT,…
South Korean fixed and mobile operator KT is to buy a majority stake in BC Card, the country’s largest credit card company, from private equity firm Vogo Fund, Shinhan Card and Busan Bank, according to Dow Jones citing the Korea Economic Daily.
KT, which reportedly already owns a 1.98% stake in BC, will control 51.54% of the company once the transaction is completed.
Back in October, KT was pressing ahead with plans to acquire 20% of BC Card, from Woori Bank, in order to increase its exposure to convergence between the telecoms and banking sectors. But according to reports, the deal might not be completed due to valuation issues.
KT and BC Card could not be reached for comment before the press deadline.
