Tencent, eBay join Kakao bid for new South Korean Internet bank


Kakao Corp, the operator of South Korea's largest mobile messaging app, said Tencent Holdings Ltd and eBay Inc have joined its bid for a new South Korean Internet bank license. 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, a Kakao spokesman said. South Korea is expected to grant one or two licenses for Internet banks this year.

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