Form 6-K Current Reports
New Business Development (Nov.1, 2002)
2002-11-04On November 1, 2002, Mr. Jung Tae Kim, President and CEO of Kookmin Bank, announced the following plan for the future.
Bancassurance
Mr. Kim said that Kookmin Bank would be distributing life insurance products of ING Group, once he finalizes the current negotiation of strategic alliance. Mr. Kim said that he would be willing to give ING Group an exclusive right to use Kookmin Bank as distribution channel as long as the related rules and regulations permit.
ING Shareholding Structure
In connection with the additional investment by ING Group in Kookmin Bank, Mr. Kim said that he does not intend to raise additional capital by issuing new shares because Kookmin Bank does not need to increase shareholders' equity for now. Currently, ING holds 4 percent of shares in Kookmin Bank.
Overseas Market
Another plan was also disclosed that Kookmin Bank will seek to expand its business in the markets abroad. He explained that retail banking products and services will be provided. When this plan will be carried out was not mentioned, however.
Credit Card Brand Integration
For the time being, Kookmin Bank has no intention to integrate Kookmin Credit Card and BC card, the current internal card business. Before commencing the card business integration, he said, that the credit card delinquencies must be managed under control.
Kookmin Bank has been reviewing various options over the integration of its credit card businesses since the merger a year ago. How the two businesses will be integrated has not yet been decided.
• Caution
This document contains forward-looking statements, as defined in the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect Kookmin Bank's current views with respect to future events, and are subject to certain risks and uncertainties, which could cause actual results to differ materially from those anticipated. Although Kookmin Bank believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be attained. Kookmin Bank undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.