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[Alpha Biz=(Chicago) Reporter Kim Jisun] Toss Bank, the third-largest Internet banking industry in Korea, will attract about 300 billion won in external investment.
According to the investment banking (IB) industry on the 26th, Toss Bank has recently begun the process of selecting a host company to attract outside investors. Toss Bank is known to have set the company's corporate value at more than 2 trillion won. New investors will participate in a paid-in capital increase worth 300 billion won to acquire a stake of about 15%.
Currently, the largest shareholder of Toss Bank is Viva Republica (34% stake), which operates Toss, a mobile financial service. As a result of several paid-in capital increase, 11 companies, including E-Land World (10%), Hana Bank (10%), Hanwha Investment & Securities (10%), Korea Federation of Small and Medium Business (10%), and Standard Chartered Bank Korea (6.67%), currently share their stakes.
Toss Bank is the third Internet bank to be launched in October 2021 after K-Bank and Kakao Bank. At the time of its launch, it became popular with an occasional deposit and withdrawal account with a 2% interest rate, higher than other banks, and the number of subscribers reached 1.2 million on the first day.
This paid-in capital increase is the seventh capital expansion, and the company's capital, which started at 250 billion won, has now increased to 1.45 trillion won. Toss Bank said it would increase capital by about 1 trillion won by 2025, but it has already exceeded that level.
Toss Bank is expanding its capital in such a short period of time to meet the Basel III standards that will take effect next year. Under the current regulations, banks subject to Basel III must maintain a total capital ratio of 10.5%, a basic capital ratio of 8.5%, and a common stock capital ratio of more than 7%.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
