Additional Acquisition of Jooeun Credit Information’s Stake (Mar. 19)
2002-03-19On 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. (the “Company”), which is one of Kookmin Bank’s subsidiaries of which we owned 50.0% of the outstanding share capital. This will bring Kookmin Bank’s total investment in the Company to 5.2 billion Won.
The Company is a loan recovery company, which receives payments on charged off loans and loans that are overdue for certain period. Former H&CB started using the Company for loan recovery services beginning October 1999.
The purpose of this transaction is to facilitate the proposed merger with KM Credit Information Co., Ltd., which is a local credit collection company. The two companies are in the merger proceedings to empower credit collection capability. In terms of the merger, the Company shall be the surviving entity named Kookeun Credit Information Co., Ltd. The merger date shall be as of April 30, 2002.