"KT-KaKao, signed for secure Internet banking ``option agreement``."
Cho Eun Guk | ceg4204@ | 2017-10-13 11:08:40
KT and Kakao, two of the Internet professional banks, signed a stake sale agreement with major shareholders to control K-bank and cacao bank, respectively. The contract is an option contract that will be automatically executed within one year if the non - financial stakeholder, which is an industrial capital, does not exceed 10% of the bank `s stake (4% stake in voting rights).
K-bank has already been suspected of being an accredited specialist, and it is expected to become a matter of preference in the process of accreditation of Internet professional banks in the audit of the state, revealing the facts of option contracts.
According to data submitted by the Financial Services Commission and the Financial Supervisory Service (FKI), Park Yong-jin (Democratic Party), who belongs to the National Assembly`s Political Affairs Committee on December 12, KT has 28-38% stake in K-Bank and call option to secure a 30% stake in Kakao Bank (the right to buy stocks under predetermined conditions) and impose options (the right to sell stocks under certain conditions).
KT entered into an option contract with Woori Bank and NH Investment Securities, the main shareholders of K-bank, and KACO, Korea Investment Bank, the largest shareholder of Kakao Bank.
KT exercises call options for convertible shares with no voting rights held by Woori Bank and NH Investment & Securities, ordinary shares exercised by convertible rights, and rights holders exercised during rights offering. The due date is within one year from the date of the Banking Law change. As a result, KT plans to become the largest shareholder after securing a 28 ~ 38% stake in K-Bank after the amendment of the Separation Law. Woori Bank and NH Investment & Securities will become second and third shareholders, respectively.
Kakao can call on Korea Investment Holdings, which allows Kakao to increase its stake in KaKao Bank to 30% and become the largest shareholder. On the other hand, Korea Investment Holdings, which currently holds a 50% stake, will become the second-largest shareholder, one share less than Kakao.
Both KT and Kakao have set up a device to become the largest shareholder of banks and Kakao Bank within a year after the enactment of a special law enacted by the Bank of Korea, which regulates the designation of Eunsan.
Rep. Park Yong-jin said, "The FSC urged to pass the draft resolution of the amendment, " adding, " The FSC`s decision to push for a revision of the largest shareholder option is to push for an amendment to the deal. "
By Cho Eun Guk ceg4204@
[ copyright ⓒ The Digitaltimes ]
K-bank has already been suspected of being an accredited specialist, and it is expected to become a matter of preference in the process of accreditation of Internet professional banks in the audit of the state, revealing the facts of option contracts.
According to data submitted by the Financial Services Commission and the Financial Supervisory Service (FKI), Park Yong-jin (Democratic Party), who belongs to the National Assembly`s Political Affairs Committee on December 12, KT has 28-38% stake in K-Bank and call option to secure a 30% stake in Kakao Bank (the right to buy stocks under predetermined conditions) and impose options (the right to sell stocks under certain conditions).
KT entered into an option contract with Woori Bank and NH Investment Securities, the main shareholders of K-bank, and KACO, Korea Investment Bank, the largest shareholder of Kakao Bank.
KT exercises call options for convertible shares with no voting rights held by Woori Bank and NH Investment & Securities, ordinary shares exercised by convertible rights, and rights holders exercised during rights offering. The due date is within one year from the date of the Banking Law change. As a result, KT plans to become the largest shareholder after securing a 28 ~ 38% stake in K-Bank after the amendment of the Separation Law. Woori Bank and NH Investment & Securities will become second and third shareholders, respectively.
Kakao can call on Korea Investment Holdings, which allows Kakao to increase its stake in KaKao Bank to 30% and become the largest shareholder. On the other hand, Korea Investment Holdings, which currently holds a 50% stake, will become the second-largest shareholder, one share less than Kakao.
Both KT and Kakao have set up a device to become the largest shareholder of banks and Kakao Bank within a year after the enactment of a special law enacted by the Bank of Korea, which regulates the designation of Eunsan.
Rep. Park Yong-jin said, "The FSC urged to pass the draft resolution of the amendment, " adding, " The FSC`s decision to push for a revision of the largest shareholder option is to push for an amendment to the deal. "
By Cho Eun Guk ceg4204@