K Bank (Hangul: 케이뱅크), is an online bank based in South Korea. Its largest owner is the telecommunications company, KT Corporation.[1]

K Bank
Native name
케이뱅크
TypePrivate company
IndustryFinancial services
FoundedJanuary 17, 2016; 6 years ago (2016-01-17)
Headquarters,
South Korea
ServicesOnline banking
Mobile banking
Loan and deposit
Debit card
Overseas remittance
OwnerBC Card
Woori Bank
MBK Partners
Bain Capital
Number of employees
7201 (2017)
Websitewww.kbbanknow.com

HistoryEdit

K Bank launched in 2017, when both KT and Kakao were given licenses to launch Internet-only banks in Korea.[2] K Bank was the first to launch, becoming the first new bank to launch in two decades.[3] During its launch, the bank was able to attract 250,000 new customers in its first two weeks.[4]

In May 2021, MBK Partners and Bain Capital invested 200 billion won each in K bank to become the second largest shareholders of the bank.[5]

In September 2022, K bank received approval for its initial public offering on the Korea Exchange although timing had not been determined yet.[6]

ServicesEdit

Since its launch, the bank has offered the same products as traditional banks from offering debit cards to offer small loans to consumers.[2]

ReferencesEdit

  1. ^ "Kakao, KT Surge After South Korea Grants Online Banking Permits". Bloomberg.com. 29 November 2015.
  2. ^ a b "Internet-only banks should spur financial innovations: The Korea Herald". December 2015.
  3. ^ "Asia: First internet-only banks in South Korea | RFI Global". www.rfigroup.com.
  4. ^ "Kakao Bank Easily Tops K-Bank's Record-Breaking Run".
  5. ^ Ga-young, Park (2021-05-26). "K bank's capital jump to W2.1tr with inflow of new shareholders". The Korea Herald. Retrieved 2022-10-22.
  6. ^ Global, K. E. D. "Internet lender K Bank gets green light for IPO". KED Global. Retrieved 2022-10-22.

External linksEdit