Kakao Bank accumulates over 5 trillion won in deposits

Finance

Kakao Bank accumulates over 5 trillion won in deposits

Kakao Bank, one of two internet banks operating in Korea, said Monday that it has attracted over five million accounts about six months after launching operations.

The bank opened last July and is run by a consortium led by Kakao, operator of Korea’s most widely used chat app. As of Sunday, the bank has attracted deposits worth 5.1 trillion won ($4.78 billion) and made loans worth 4.7 trillion won, the bank said.

With paid-in capitalization of 300 billion won, Korea Investment Holdings and Kakao each hold 58 percent and 10 percent stakes in Kakao Bank.

The consortium also includes KB Kookmin Bank, eBay and Tencent Holdings.

Yonhap