Online lender Kakao Bank conducts W1tr rights issue |
The corporate logo of Kakao Bank (Yonhap)
Kakao Bank, South Korea s top internet-only lender, said Wednesday it has recently completed a capital increase of 1 trillion won ($920 million) to improve its loss-absorbing ability and provide more loans for low- and mid-credit borrowers.
TPG Capital of the United States and Anchor Equity Partners of Hong Kong have newly bought shares worth 250 billion won, or a 2.61 percent stake, respectively, the lender said.
An additional 500 billion won worth of shares have been sold to existing shareholders, including Kakao Corp., the operator of South Korea s dominant messaging app KakaoTalk.