Financial Services Commission Announces Preliminary Approval Applications for the 4th Internet-Only Bank
Sosobank, Podobank, Hanguk Soho Bank, and AMZ Bank Submit Applications
As a result of the preliminary approval application for the 4th internet-only bank, it was found that four institutions?Sosobank, Podobank, Hanguk Soho Bank, and AMZ Bank?have applied. With the withdrawal of the Duzon Bank consortium, which was considered a strong contender, Hanguk Soho Bank is expected to take the lead.
On the 27th, the Financial Services Commission announced that four entities submitted applications for the preliminary approval of the 4th internet-only bank. The results of the preliminary approval review are scheduled to be announced in June. Once a business operator who has received preliminary approval meets personnel and material requirements and applies for final approval from the Financial Services Commission, they can commence operations after receiving the final approval.
Looking at the shareholder composition of the applicants, each shows distinct differentiation. Sosobank is a collaboration between small business owners and small enterprises. Its shareholders include ▲I.T ▲National Federation of Small Business Owners (Minority Shareholders Union) ▲Leadcorp ▲Sillajen ▲Gyeongnam Bank ▲K&B ▲Midas Asset Management ▲Jeonnam Food Material Mart Danal ▲Daecheon Green Water ▲iQuest ▲Cheongwoo Hydro ▲DSRV ▲SK Shieldus ▲Pinotech.
Podobank appears to be led by corporations and Meritz Financial. Its shareholders include ▲Hansang ▲Meritz Securities ▲Meritz Fire & Marine Insurance ▲Military Mutual Aid Association ▲Hongrok ▲Gateway Partners ▲Korea Daesung Asset Management ▲Hoegwiseon Private Equity ▲Gwangmyeong Electric ▲Isu Group.
Hanguk Soho Bank is notable for being composed of a banking consortium. Its shareholders include ▲Korea Credit Data ▲Hana Bank ▲Woori Bank ▲Nonghyup Bank ▲Busan Bank ▲Heungkuk Life Insurance ▲Heungkuk Fire & Marine Insurance ▲Eugene Investment & Securities ▲Woori Card ▲OK Savings Bank ▲LGCNS ▲ITCENTEC ▲TIS ▲Megazone Cloud ▲Iljin.
AMZ Bank did not submit its shareholder composition status.
The Financial Services Commission explained, "We will decide on the preliminary approval after undergoing reviews by the private external evaluation committee and the Financial Supervisory Service. The evaluation will focus on legal requirements, stability of funding, innovativeness of the business plan, inclusiveness, and the feasibility of its realization."
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