Internet-only K-Bank to go public later this month

Internet-only K-Bank plans to go public later this month, with the bank's chief Choi Woo-hyoung seeking to expand corporate lending with funds raised from the planned initial public offering (IPO). The bank filed for its IPO early September and is marketing 82 million shares at a price of between 9,500 won (US$6.9) and 12,000 won per share. The pricing is scheduled to be set on Friday, and a retail subscription will be held next Monday and Tuesday. Shares are expected to begin trading on Oct. 30. "There are limits to the growth of household loans due to the recent government concerns over household debts," Choi said told reporters on Tuesday. "The breakthrough we sought to find comes from corporate lending." Choi added the lender will also inject the 725 billion won it has already raised to boost its corporate lending. Choi said the bank will first work to boost its secured loans to small business owners, using the 725 billion won it already has, and expand its lending to small and medium-sized business es as well, using the additional funds it will raise through its IPO. "Already, there are over 1,000 daily loan requests from business owners. The number of untact secured loans will increase, while the bank will expand its lending to not only small business owners but also to small and medium-sized enterprises in the future," he told the briefing. Source: Yonhap News Agency