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Report: Hyundai Marine & Fire Insurance drops out of online bank consortium

Hyundai Marine & Fire Insurance Co. Ltd. has decided to leave a South Korean digital-only bank consortium led by Viva Republica Co Ltd., operator of the Toss mobile peer-to-peer payment platform, following Shinhan Financial Group Co. Ltd.'s departure, The Korea Economic Daily reported March 21, citing industry sources.

Disagreements over the would-be Internet bank's business model and management composition was cited as a reason for the insurer's exit from the consortium, according to the report.

The Toss Bank consortium's chances of obtaining an internet bank license has dimmed with the departure of two major participants, the publication said.