April 26, 2024

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[THE INVESTOR] Kakao Bank, Korea’s second internet-only bank, said on Jan. 8 it has attracted over five million accounts in about six months since launching operations.

Kakao Bank, led by Kakao, operator of Korea’s dominant messaging app KakaoTalk, started operations last July.

As of last week, Kakao Bank had attracted deposits worth 5.1 trillion won (US$4.78 billion) and made loans worth 4.7 trillion won, the bank said.

With paid-in capitalization of 300 billion won, Korea Investment Holdings Co. and Kakao hold 58 percent and 10 percent stake in Kakao Bank, respectively.

Kakao’s consortium also includes Kookmin Bank, eBay Inc. and China’s Tencent Holdings.

By Alex Lee and newswires (alexlee@heraldcorp.com)