Becomes the second-largest shareholder of Hana Card as it buys 49% or 57,647,058 shares of Hana Card for KRW 400 billion

December 14, 2009

1 Min Read

SEOUL -- SK Telecom (NYSE:SKM) announced today that its board decided to take over a 49% stake (or 57,647,058 shares) in Hana Card Co. for some KRW 400 billion. The deal will make SK Telecom the second largest shareholder of Hana Card after Hana Financial Group Inc with 51% stake.

With the deal, the company expects to bring its services to a new level by adding ICT-based advanced services to its current mobile settlement business including T Cash, thereby securing an edge in tomorrow’s commerce market.

SK Telecom’s CEO Man-Won Jung said, “The partnership is aimed at introducing and expanding the use of mobile credit cards while promoting next-generation payment and settlement services. With this deal, the two companies will maximize business synergies so as to create a new telecommunications and finance convergence market.”

SK Telecom (Nasdaq: SKM)

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