K Bank (

Hangul The Korean alphabet, known as Hangul, . Hangul may also be written as following South Korea's standard Romanization. ( ) in South Korea and Chosŏn'gŭl in North Korea, is the modern official writing system for the Korean language. The let ...

: 케이뱅크), is an

online bank Online banking, also known as internet banking, web banking or home banking, is an electronic payment system that enables customers of a bank or other financial institution to conduct a range of financial transactions through the financial insti ...

based in

South Korea South Korea, officially the Republic of Korea (ROK), is a country in East Asia, constituting the southern part of the Korea, Korean Peninsula and sharing a Korean Demilitarized Zone, land border with North Korea. Its western border is formed ...

. Its largest owner is the telecommunications company,

KT Corporation KT Corporation (Hangul: 주식회사 케이티), formerly Korea Telecom, is a South Korean telecommunications company. KT is the second-largest wireless carrier in South Korea, with 16.493 million subscribers as of Q4 2017. The formerly fully ...

History

K Bank launched in 2017, when both KT and

Kakao Kakao ( ko, 카카오) is a South Korean internet company that was established in 2010. It formed as a result of a merger between Daum (web portal), Daum Communications and the original Kakao Inc. In 2014, the company was renamed Daum Kakao. Th ...

were given licenses to launch Internet-only banks in Korea. K Bank was the first to launch, becoming the first new bank to launch in two decades. During its launch, the bank was able to attract 250,000 new customers in its first two weeks. In May 2021,

MBK Partners MBK Partners (MBKP) is a North Asian focused private equity firm. According to Forbes, MBK Partners is one of the largest private equity firms in Asia, managing $25 billion worth of assets. Overview MBK Partners was founded in 2005 by Michael ...

and

Bain Capital Bain Capital is an American private investment firm based in Boston. It specializes in private equity, venture capital, credit, public equity, impact investing, life sciences, and real estate. Bain Capital invests across a range of industry se ...

invested 200 billion won each in K bank to become the second largest shareholders of the bank. In September 2022, K bank received approval for its

initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investment ...

on the

Korea Exchange Korea Exchange (KRX) is the sole securities exchange operator in South Korea. It is headquartered in Busan, and has an office for cash markets and market oversight in Seoul. History The Korea Exchange was created through the integration of Ko ...

although timing had not been determined yet.

Services

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

References

External links

Official website
{{KT Online banks Banks established in 2016 Banks of South Korea South Korean companies established in 2016