Kakao Bank takes first step toward going public

Kakao Bank, Korea’s largest internet-only bank, has taken the first steps toward going public by sending off a letter of request.

Multiple media outlets reported Wednesday that the bank issued a request to select financial advisors including NH Investment & Securities, Mirae Asset Daewoo, Samsung Securities, Citigroup Global Markets and J.P. Morgan on Tuesday.

The online bank will likely select an advisor within this year to complete the public listing next year.

Kakao Bank was valued at nearly 9 trillion won ($8.1 billion) in the latest capital increase last month.

The bank is currently 33.54 percent owned by Kakao and 28.6 percent by Korea Investment Holdings.

BY PARK EUN-JEE [park.eunjee@joongang.co.kr]