'No.1 in the Loan Industry' Rush & Cash to Withdraw Domestic Business Within the Year

Rush & Cash (Apro Financial Loan), the No. 1 lending company in Korea, will withdraw from the business by the end of this year.

According to the financial sector on the 6th, OK Savings Bank submitted an application for approval of the business transfer of its affiliate Rush & Cash to the Financial Services Commission.

Currently, the Financial Supervisory Service is reviewing the application submitted by OK Savings Bank. If the financial authorities approve the application, Rush & Cash will be absorbed and merged into OK Savings Bank, and the assets and liabilities held by Rush & Cash will be transferred to OK Savings Bank.

Initially, OK Savings Bank announced that it would acquire a total of 1 trillion won by the end of June next year, but recently submitted the application to the Financial Services Commission, advancing the acquisition timing by six months.

Previously, OK Financial Group promised the financial authorities to withdraw from the lending business by the end of 2024 when it acquired Yejoo Savings Bank and Yenarae Savings Bank, the predecessors of OK Savings Bank, in 2014.