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Kakao, Tencent, eBay join for SKorea internet bank license

Thursday 1 October 2015 | 09:34 CET | News
South Korean mobile messaging services provider Kakao (former Daum Kakao) said Chinese internet company Tencent and eBay have joined its bid for a new South Korean internet bank license, Reuters reported. 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. Kakao 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.

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Categories: Internet
Companies: Daum Kakao / Ebay / Tencent
Countries: Korea, Republic of
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