NSP NEWS

(Seoul=NSP News Agency) jonghyuk Kim Journalist = The Financial Service Commission announced on 29 Nov. that they preliminarily authorized Korea Kaokao Bank and K-Bank with consideration of report for appraisal of business plan innovation, written by external evaluation committee.

They authorized as an initiative step before the banking act reform about Internet specialized bank introduction.

The main stockholder of Korea Kakao bank is Kakao, and K-bank's are KT, GS retail, Danal, Hanhwa life insurance and KG INICIS (including KG Mobilians).

Hereafter Kakao Bank and K-Bank which got preliminary authorization, are going to apply final authorization after preparation for human and material requirements. The Financial Service Commission is going to progress final authorization through consideration of related laws and confirmation of the Financial Supervisory Service.

The time to start operating depends on their business strategy and plans, in principle they have to start operating by six months after getting the final authorization.

When the banking act reformed the Internet specialized bank introduction, the Financial Service Commission is going to authorize additional Internet specialized bank.