Internet-only K-Bank wins bourse operator's approval for preliminary IPO review

internet bank-IPO review

Internet-only K-Bank wins bourse operator's approval for preliminary IPO review

By Chung Joo-won

SEOUL, Sept. 20 (Yonhap) -- South Korea's bourse operator on Tuesday approved the preliminary review of South Korean online lender K-Bank to go public, citing the bank's solid performance.

The Korea Exchange (KRX) said K-Bank "sufficiently meets listing requirements and therefore is suitable for the initial public offering (IPO)."

The KRX's decision came about eight months after K-Bank sent out proposals to brokerage firms as a first step for its IPO.

K-Bank said it originally sought to complete the listing process within 2022 but is considering pushing back the date due to the sluggish stock market.

Established in January 2016, K-Bank has made fast growth, propelled by quick account openings via mobile apps, and loans for low- and mid-credit borrowers.

In 2021, K-Bank reported a net profit of 22.5 billion won (US$16.2 million) and an operating profit of 287.8 billion won on a parent basis, KRX data showed.

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