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Tencent, eBay join Kakao bid for new South Korean Internet bank
October 1, 2015 / 2:31 AM / 2 years ago

Tencent, eBay join Kakao bid for new South Korean Internet bank

SEOUL (Reuters) - Kakao Corp, the operator of South Korea’s largest mobile messaging app, said Tencent Holdings Ltd and eBay Inc have joined its bid for a new South Korean Internet bank license.

A man uses a mobile phone in front of a logo of Tencent at the Global Mobile Internet Conference (GMIC) 2015 in Beijing, China, April 28, 2015. REUTERS/Kim Kyung-Hoon

Tencent and eBay will make their investments through subsidiaries, which are expected to take stakes of 4 percent or less in the bank should a license be gained, a Kakao spokesman said. He declined to comment on financial terms.

South Korea is expected to grant one or two licenses for Internet banks this year. Kakao’s bid is one of at least three known bids.

An Internet bank provides banking and financial services without physical branches.

Reporting by Joyce Lee; Editing by Edwina Gibbs

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