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KB Financial may ask Hyundai Securities to divest stake in Internet bank

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KB Financial may ask Hyundai Securities to divest stake in Internet bank

HyundaiSecurities Co. Ltd. may need to sell its stake in Internet bankK-Bank if KB Financial GroupInc. acquires a controlling stake in the company, The Korea Herald reported April 4.

Hyundai Securities holds a 10% stake in K-Bank, one of theonly two Internetbanks approved by regulators in 2015. KB Financial has an interest inthe other online bank, Kakao Bank, through KB Kookmin Bank.

A KB Financial official said that if the group acquires acontrolling stake in Hyundai Securities, the company may ask the brokerage toshed its stake in K-Bank and fully commit to Kakao Bank.

The Financial Services Commission said there is noregulatory issue with Hyundai Securities holding a stake in K-Bank, even if KBFinancial controls both KB Kookmin Bank and Hyundai Securities.

KB Financial reportedly has been picked as the preferredbidder for a 22.56% stake in Hyundai Securities.