Disposition of Shares in Korea Finance Security(Feb. 27, 2002)
2002-02-28On February 27, 2002, Kookmin Bank announced the disposition of its share in Korea Finance Security. (The “Company”)
The Company is a security company, which mainly provides agent services of cash and security delivery for financial institutions. As of December 31, 2001, the paid-in capital and total assets of the Company are 8 billion Won and 10.4 billion Won, respectively. On February 26, 2002, Kookmin Bank entered into a disposition agreement with the employee stock ownership association of the Company to sell its 54,000 shares at 216 million Won, reducing its shareholding to 14.97%.
As it possesses 18.35 % of the Company because of the merger between former Kookmin Bank (which possessed 11 % of the Company) and H&CB (which possessed 7.35 % of the Company), Kookmin Bank has decided to lower its stake in order to avoid possessing it as a subsidiary.
Upon completion of the disposition, Kookmin Bank shall have thirteen subsidiaries with assets totaling 13,429 billion Won on their preliminary operating results.