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Financial regulator halts review of KT's plan to raise stake in K-Bank

All Headlines 16:53 April 17, 2019

SEOUL, April 17 (Yonhap) -- The financial regulator said Wednesday it has halted its review of a plan by KT Corp. to raise its stake in Internet-only K-Bank, citing an anti-trust inspection into the telecom firm.

KT, the nation's biggest fixed-line Internet operator, asked the Financial Services Commission (FSC) to review its plan last month as it seeks to a larger stake in K-Bank, which was launched in 2017 by a KT-led consortium.

K-Bank has planned to raise 592 billion won (US$522 million) later this month via a rights offering.

In a statement, the FSC said it decided to suspend the review because the Fair Trade Commission, the country's corporate watchdog, is investigating into an allegation that KT violated an anti-trust law.

In January, a law came into force allowing information technology firms to hold as much as a 34-percent stake in an Internet-only bank.

However, the law prohibits a shareholder of an Internet-only bank from raising a stake in the bank if the shareholder is punished for violating an antitrust law.

Financial regulator halts review of KT's plan to raise stake in K-Bank - 1

kdh@yna.co.kr
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