Korean banks in cards restructuring
(South Korea) - Nine Korean credit card companies, including leading players Kookmin Credit Card and Samsung Card, have announced the completion of the second stage of restructuring on the back of a government bail out for the country's cards industry.
The nine firms said they would raise a total of 4.55 trillion won (US$3.6 billion) in capital in an effort to defuse the liquidity concerns of investors. They also unveiled belt-tightening measures, such as job cuts, branch closures and asset sales.
Samsung Card says it has postponed its planned sharemarket listing to concentrate on the capital raising.
Samsung Card says it has postponed its planned sharemarket listing to concentrate on the capital raising.
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