Full Redemption of KB’s Contribution in Mutual Fund for Credit Card Company Debt Securities
2003-08-01As of July 31, 2003, Kookmin Bank has been fully reimbursed for the KRW548.9 billion contribution in a mutual fund which was established by Korean Financial Institutions to purchase credit card company debt securities.
As disclosed on April 11, 2003, the mutual fund was established in order to stabilize the financial market by relieving liquidity issues in Korean credit card industry.
Since the launch of the mutual fund on April 10, 2003, Kookmin Bank has been partially reimbursed on a periodic basis pursuant to a schedule agreed upon by Korean financial institutions. On July 31, 2003, the final redemption tranche of KRW75 million was made, and Kookmin Bank was fully reimbursed. The mutual fund became dissolved accordingly.