K Bank, Relaunches Initial Public Offering After 2 Years

Resolution of Agenda at Board Meeting on 18th
Target to Complete Listing Within the Year

K Bank is resuming its initial public offering (IPO). The company approved the agenda at the board meeting held on the 18th.

Following the board's resolution, K Bank has officially begun the listing process. It plans to apply for a designated auditor and select an underwriting firm as soon as possible, aiming to complete the listing within this year.

K Bank, which was the first internet bank to start operations in April 2017, has seen its customer base grow from 2.19 million at the end of 2020 to 9.53 million at the end of last year, approaching 10 million. During the same period, deposit balances increased approximately fivefold from 3.75 trillion KRW to 19.06 trillion KRW, and loan balances rose from 2.99 trillion KRW to 13.84 trillion KRW.

It has also established stable profit-generating capabilities. After recording its first annual net profit in 2021, it achieved significant growth, posting 83.6 billion KRW in 2022 and 38.2 billion KRW in net income through the third quarter of last year.

K Bank plans to successfully complete the IPO by expanding its customer base and increasing corporate value, and to strengthen its operational foundation with the capital raised through the IPO, thereby accelerating the virtuous cycle of growth for internet banks, including innovative finance and win-win finance.

Choi Woo-hyung, President of K Bank, declared a renewed leap toward customers in his inaugural speech earlier this month, emphasizing the goal of becoming a "Tech-leading bank trusted by customers." To achieve this, he pledged to focus on enhancing customer convenience, establishing an innovation investment hub, strengthening soundness, practicing win-win finance, and securing tech-leading competitiveness.

President Choi stated, “The IPO will be an opportunity for K Bank to take another leap forward toward its customers,” adding, “We will prepare thoroughly and become a K Bank that grows together with all its members.”