This article was displayed on the ChosunBiz MoneyMove (MM) site at 3:15 p.m. on Apr. 20, 2026.
KakaoBank, which recently sat out the 1 trillion won race to acquire Accuon Capital, is seeking deals centered on small and midsize capital companies with lower price tags. Analysts say the strategy puts the emphasis on securing a nonbank license rather than expanding scale.
According to the investment banking (IB) industry on the 20th, KakaoBank is reviewing capital company assets to expand into the nonbank space. When it first moved on mergers and acquisitions (M&A) of capital companies, it was looking at large targets, but recently it is said to be focusing on small and midsize firms. An industry official said, "Since Kakao Pay already operates securities and insurance businesses, the nonbank sector KakaoBank can enter is effectively limited to capital companies."
KakaoBank did not participate in the Accuon Capital bid, where a valuation of about 1 trillion won had been discussed. The market interpreted this as a signal that its acquisition strategy has shifted in a more realistic direction. Accuon Capital was structured as a package deal that included a savings bank, meaning an acquisition would also entail additional capital burdens and regulatory issues.
Behind KakaoBank's push to acquire a capital company lies the limit of its existing bank-centric growth strategy. With tighter household loan regulations and calls to expand lending to mid- to low-credit borrowers constraining loan growth capacity, analysts say securing new revenue sources has become unavoidable. In fact, KakaoBank is maintaining earnings growth, but there are assessments that its return on equity (ROE) is unlikely to reach the target.
In this context, capital companies are cited as an alternative that allows banks to expand into areas that are difficult to enter directly. They offer entry into nonbank lending markets such as auto finance, loans to sole proprietors, and mid-rate loans, and also enable portfolio diversification by linking with existing bank customers. There are expectations for a sales approach that guides borrowers, who are hard to accommodate at banks, toward capital companies.
Leveraging KakaoBank's high credit rating could also lower funding costs for capital companies, which is cited as an advantage. The potential to build new business models, such as finance for merchants, by combining with the Kakao platform is likewise seen as a potential synergy.
However, some say KakaoBank's options are limited. With Kakao Pay already securing key financial areas such as securities and insurance, the nonbank space KakaoBank can expand into is effectively limited to capital companies. For this reason, some interpret a capital acquisition as closer to a practical alternative than the best option.
Given these factors, there is a view that KakaoBank is likely to choose a phased entry via small and midsize capital companies rather than acquiring a large firm for the time being. As more small and midsize capital companies are coming to market recently, the environment is seen as favorable for price negotiations.
Meanwhile, KakaoBank is also said to be concurrently reviewing a plan to obtain a license directly, in addition to acquiring control. Since securing a foothold to enter the capital business is the priority, it may be more efficient to enter directly than to acquire assets with soundness burdens. Given its lack of experience operating a capital business, the burden during post-merger integration (PMI) is also cited as a key variable.