Industrial Bank of Korea (IBK) disclosed on the 16th that a financial incident worth about 83 billion won occurred at an overseas local subsidiary.
Industrial Bank of Korea (IBK)(024110) said, "There was damage related to suspected fraud by an outsider at an overseas local subsidiary." The amount of the financial incident is about 83.376 billion won.
According to Industrial Bank of Korea (IBK), the overseas subsidiary signed a contract with a local financial company for small, non-face-to-face loans, and the platform agent of this financial company embezzled customers' principal and interest on loans. Industrial Bank of Korea (IBK) said the local investigative authorities are currently investigating.
Industrial Bank of Korea (IBK) said it "detected signs of suspicious transactions while monitoring the overseas local subsidiary's outstanding loan balance and other indicators."