Heungkuk Life Insurance and Heungkuk Fire&Marine Insurance are participating in a consortium for the Korea SOHO Bank, which is challenging the 4th Internet-only bank.
According to the financial sector on the 25th, Heungkuk Life Insurance, Heungkuk Fire&Marine Insurance, and TAE KWANG CORPORATION, formerly known as Taekwang Tourism Development, have confirmed their participation in the SOHO Bank consortium led by Korea Credit Data (KCD). A representative from Heungkuk Life Insurance noted, "We have decided to join the SOHO Bank consortium," adding, "Discussions regarding equity are still ongoing."
If Heungkuk Life Insurance joins the SOHO Bank consortium, all financial sectors, including banks, insurance, savings banks, securities firms, and card companies, will participate as shareholders. Currently, three major banks, including Woori Bank, NH Nonghyup Bank, and Hana Bank, have joined the consortium. Additionally, BNK Busan Bank, OK Savings Bank, Eugene Securities, and Woori Card are also participating.
Furthermore, LG CNS, a specialized information technology (IT) service corporation, and Megazone Cloud (cloud management service company), along with ITCEN (IT service industry), have also joined the consortium.
The SOHO Bank consortium plans to submit the preliminary application for the Internet bank to the Financial Services Commission on the 26th. The Financial Services Commission will receive the preliminary applications for Internet banks for two days starting from that day. Subsequently, after conducting evaluations by a private external evaluation committee and assessments by the Financial Supervisory Service over the next 2 to 3 months, the decision on the preliminary approval will be made at a Financial Services Commission regular meeting.