Korea Investment Holdings Co. Ltd. plans to reduce its stake in KakaoBank of Korea Corp. to below 5% from 50%, in compliance with the rule that requires any financial holding company to own either more than 50% or less than 5% of any financial subsidiary, Yonhap News Agency reported, citing Korea Investment Holdings.

Korea Investment Holdings plans to sell 29% in the digital bank to its wholly owned unit Korea Investment Value Asset Management Co. Ltd., which does not own any interest in KakaoBank.

The company also plans to sell another 16% stake to Kakao Corp., which owns 18% of KakaoBank.

As of Oct. 17, US$1 was equivalent to 1,178.70 South Korean won.