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Korea Investment Holdings to boost capital at internet-only lender

Korea Investment Holdings Co. Ltd. said its KakaoBank of Korea Corp. unit plans to raise 500 billion won by issuing shares.

The internet-only lender aims to issue 40 million common shares and 60 million preferred shares at 5,000 won apiece to existing shareholders, according to a March 8 release.

Proceeds from the exercise will boost operating capital.

Korea Investment Holdings, which is nonlisted KakaoBank's largest shareholder with a 58% stake, did not say how it will invest in the new shares.

Other shareholders include KB Kookmin Bank; Kakao Corp., South Korea's biggest free messaging app company; and China-based Tencent Holdings Ltd.

KakaoBank, which began operations in July 2017, also raised 500 billion won via a share issuance in September 2017.

As of March 8, US$1 was equivalent to 1,073.96 South Korean won.