KM Credit Information Merged into Jooeun Credit Information(May 5)
2002-05-06Pursuant to the decision of Kookmin Bank’s Management Council on March 19 and approvals of respective general shareholders’ meeting of KM Credit Information and Jooeun Credit Information, KM Credit Information is merged into Jooeun Credit Information as of May 2, 2002.
KM Credit Information is a credit collection company, which collects written-off credits or loans that are overdue for certain period. As of December 31, 2001, the paid-in capital and total assets of the company are 2.4 billion Won and 3.8 billion Won, respectively. On April 2, 2002, Kookmin Credit Card, our 74.3%-owned subsidiary, made a decision to acquire 720,000 common shares of KM Credit Information in order to facilitate the proposed merger between KM Credit Information and Jooeun Credit Information. That transaction brought Kookmin Credit Card’s total stake in the company to 19.32%.
Jooeun Credit Information is a subsidiary of Kookmin Bank, which is also engaged in credit collection agent services for financial institution. Jooeun Credit Information made a decision to merge the KM Credit Information and to rename it as Kookeun Credit Information in order to empower the credit collection capability.