KT's financial affiliate mulls buying credit card company

SEOUL, Oct. 1 (Yonhap) -- South Korean telecom powerhouse KT Corp. said Thursday
its financial affiliate is considering buying a local credit card company, but
added no decision has been made.
The leading fixed-line operator and No. 2 mobile carrier made the announcement in
a regulatory filing, responding to a request by bourse operator Korea Exchange to
make public its position on media reports.
Local newspapers reported earlier in the day that KT is considering buying a
major stake in BC Card, which manages the credit card businesses of 11 local
banks.
According to the report, KT has been in talks with Woori Finance Holdings and
Shinhan Financial Group, which own 27.65 percent and 14.85 percent stakes
respectively in the credit card company.
Financial unit KT Capital Corp. provides finance leasing for parent company KT.
Top mobile operator SK Telecom Co. also said in May that it has been in talks
over the acquisition of a stake in the credit card unit of the country's
fourth-largest financial holding company Hana Financial Group Inc. The move was
seen aimed at beefing up its mobile-based financial business.
ygkim@yna.co.kr
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