BC Card Going Under Woori

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BC Card Going Under Woori


The country's largest credit card company, BC Card Co. will be included in the government-led Woori Financial Holdings Co.

The Financial Supervisory Commission approved the incorporation of the holding company Friday. Woori, set to begin operations April 2, will have five affiliates, including Hanvit Bank, Peace Bank and Hanaro Merchant Bank, which will have a total of nine subsidiaries, such as Hanvit Securities Co. and BC Card.

Hanvit, having the largest share in BC Card at 29.4 percent, will have the card firm under its wing and will be required to increase its stake to more than 50 percent within two years, a Woori official said. The holding company's regulations require that an affiliate company must hold a majority stake in its subsidiaries that are unlisted.

Industry insiders said this development might cause competing banks to cut their ties with BC Card.
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