Kakao Bank executives conduct share buyback

Kakao Bank's office in Yeongdeungpo District, western Seoul, on February 22. [NEWS1]

Kakao Bank executives conducted a share buyback to show confidence in and take responsibility for the company.

According to the Financial Supervisory Service’s electronic disclosure system on Tuesday, 12 executives of Kakao Bank including Chief Strategy Officer Kim Seok and Chief Research and Development Officer Ahn Hyun-chul bought a total of 50,685 treasury stocks over the course of two days on Oct. 6 and 7.

Kakao Bank’s executives conducted a buyback in July this year, and with Tuesday’s buyback, the number of shares purchased by the company’s executives amounts to 84,370.

“Executives voluntarily purchased treasury stocks to boost prices and enhance shareholder value,” said a Kakao Bank official. “It seems to have expressed confidence in the company’s growth and commitment to responsible management.”

BY LIM JEONG-WON [lim.jeongwon@joongang.co.kr]