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Internet-only lender K bank to raise 100B won through share offer

K bank, South Korea's first internet-only bank, will raise 100 billion won through the issuance of new shares, Yonhap News Agency reported Aug. 10.

The lender will issue 20 million new shares and also plans to issue additional rights offerings worth 150 billion won at the end of 2017 or in early 2018.

The decision comes as K bank's growing loans have led to a lower capital adequacy ratio.

K bank is led by a consortium of shareholders, including telecommunications company KT Corp., which holds an 8% stake.

As of Aug. 10, US$1 was equivalent to 1,145.22 South Korean won.