Value context and insight. lkm@koreatimes.co.kr
Hanwha, Bespin Global joins Toss consortium
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By Lee Kyung-min
By Lee Kyung-min
Hanwha Investment & Securities and Bespin Global have joined a consortium led by Toss to bid for a license to operate the country's third internet-only bank.
The alliance comes as the financial regulator finished accepting preliminary applications March 27. The results of the applications will be announced in May
According to companies and industry sources, the securities unit of Hanwa, and Bespin Global, a cloud focused managed services provider, will hold 9.9 percent and 4 percent stakes in the consortium, respectively.
Toss, a mobile money transfer app owned by Viva Republica, will be the largest shareholder with a 60.8 percent stake.
Silicon Valley-based venture capital company Altos Ventures and U.K. asset management firm Goodwater Capital will each have 9 percent stakes.
The Korea Electronic Certification Authority will hold 4 percent and Brazilian investor Ribbit Capital 1.3 percent.
The last-minute decision followed approval at a board meeting convened by the insurance subsidiary of Hanwha Group early Tuesday.
The firm decided to purchase 4.95 million shares of the 50 million shares scheduled to be issued by the envisioned bank.
The announcement came after the recent pullout of two major participants, Shinhan Financial Group and Hyundai Marine & Fire Insurance.
Much skepticism ensued following the sudden exit of the two strong partners from the consortium. Both cited differences of opinion on the proposed business model.
Besides Toss, the race will be participated in by a consortium led by Hana Financial Group.
The nation's fourth-largest financial group by total assets, formed a consortium with SK Telecom, the country's largest mobile carrier, and Kiwoom Securities, an online brokerage services provider.