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.