Kakao Bank to push for IPO in second half of this year

Kakao Bank, South Korea's largest internet-only bank, is pushing for a listing on the country's stock market by the end of this year, a top executive said Friday.

Lee Yong-woo, co-CEO at Kakao Bank, gave the time frame for an initial public offering (IPO) during a meeting with reporters at a Seoul hotel. It marked the first time that a top bank executive mentioned a specific time frame.

(Yonhap)

Still, another Kakao Bank official said Lee's comments mean that the bank will make preparations in the second half of this year to go public.

Kakao Bank, led by Kakao Corp., operator of South Korea's dominant messaging app KakaoTalk, has gained popularity among mobile-savvy customers in recent years.

The internet-only bank is open around the clock and all of its services can be done without face-to-face contact between customers and bank branches, offering convenience to customers who don't have the time to visit lenders during work hours.  (Yonhap)