South Korea's first internet bank to go public next month

South Korea's first internet-only bank, K-Bank, announced on Thursday that it plans to go public next month. The bank had previously postponed or canceled its initial public offering (IPO) plans three times.

K-Bank CEO Choi Woo-hyoung stated at a press conference: "We are committed to achieving growth, targeting a 15% return on equity. The bank will become a leader in South Korea's financial innovation sector."

Founded in 2016, K-Bank is South Korea's first internet-only bank, operated by mobile service provider KT.

According to the bank, as of last year, K-Bank had 15.5 million customers, with total outstanding loans reaching 18.4 trillion won (approximately $12.6 billion) and total deposits of 28.4 trillion won.

K-Bank plans to use the funds raised from the IPO to invest in future business areas, such as digital assets, and will also expand the range of financial products offered on its platform, adding investment options like gold and alternative assets.

During the IPO, K-Bank plans to issue 60 million shares, with the issue price set between 8,300 won and 9,500 won. The bank expects to be listed on the benchmark Korea Composite Stock Price Index market on March 5.

Editor: Yu Jian SF069