[Featured Stock] Douzone Bizon Drops Over 13% Following Withdrawal of 4th Internet Bank Bid

Duzon Bizon is experiencing a double-digit drop in its stock price on the 17th after withdrawing its challenge for the 4th internet-only bank license.

As of 2:33 PM on the same day, Duzon Bizon's stock price is trading at 57,300 KRW per share, down 13.57% compared to the previous trading day.

This follows the announcement by Duzon Bizon, a leading candidate for the 4th internet-only bank, that it decided not to participate in the preliminary license application after careful consideration by its management, just about a week before the submission deadline.

Instead, Duzon Bizon revised its strategy to focus on launching a new financial platform leveraging its existing strengths rather than entering the banking industry.

With Duzon Bizon's withdrawal, the consortium expressing intent to launch the 4th internet-only bank has been narrowed down to five entities: Korea Soho Bank, U Bank, Soso Bank, AMZ Bank, and Podo Bank. The Financial Services Commission will accept applications for the 4th internet-only bank license and review qualifications on the 25th and 26th of this month.