Korean private equity firm Vogo Fund said Monday it has agreed with two local lenders to acquire a 30.68 percent stake in BC Card Co, according to Yonhap News.
Under the deals, the country`s largest buyout fund will purchase 14.85 percent from SC First Bank Korea, the local unit of U.K.-based Standard Chartered Bank, and the remainder from Hana Bank for 144,000 won ($115.3) per share, Vogo Fund said.
The planned acquisitions will make Vogo Fund the largest shareholder in the card company, with Woori Bank becoming the No. 2 stakeholder.
In a separate statement, SC First Bank Korea said the transactions will have no impact on the lender`s credit card business.