Kookmin Card Acquires More Stake In KM Credit Information(Apr.3, 2002)
2002-04-05On April 2, 2002, Kookmin Credit Card, our 74.27%-owned subsidiary, made a decision to pay 413million Won for acquiring 720,000 common shares of KM Credit Information Co., Ltd. (the “Company”). This will bring Kookmin Credit Card ’s total stake in the Company to 19.32%.
The Company is engaged in credit collection service, which collects written-off credits or loans that are overdue for certain period. Kookmin Credit Card has been using the Company for loan recovery services beginning October 1999.
The purpose of this transaction is to facilitate the proposed merger with Jooeun Credit Information Co., Ltd., which is a local credit collection company. The two companies are in the merger proceedings to empower credit collection capability. The Company shall be merged into Jooeun Credit Information, which shall be named Kookeun Credit Information Co., Ltd. as of April 30, 2002.
For the same purpose, on March 19, 2002, Kookmin Bank's management council has approved and ratified to pay 2.7 billion Won for acquiring 242,620 common shares of Jooeun Credit Information Co., Ltd., which is one of Kookmin Bank’s subsidiaries.