Acquires 3.09% stake in HFG for KRW330bn
The author is an analyst of KB Securities. He can be reached at joonsop.analyst@kbfg.com. -- Ed.
SK telecom acquires 3.09% stake in Hana Financial Group for KRW330bn
— On Jul 22, SKT acquired a 3.09% stake in Hana FG while selling its 15% stake in Hana Card to Hana FG to strengthen its partnership with the financial group.
— Hana FG acquired a 0.6%/0.5% stake in SKT/SK square via its wholly-owned subsidiary Hana Card.
— This latest move is significant in that SKT has liquidated its stake in the unlisted Hana Card and acquired a stake in Hana FG.
Latest move aimed at bolstering partnership in digital transformation of financial services
— The stake acquisition was executed to pursue cooperation in six areas, incl. discovery of new business models via convergence of the finance and telecom industries and the digital transformation of financial services. (Economic Review, Jul 24)
— Details of the partnership are as follows:
(1) Development of AI-based customer service solutions (offering investment information using AI chatbot, AI contact center, etc.)
(2) Strengthened alliance in data business (development of credit rating model that integrates finance and telecom data, MyData business, etc.)
(3) Strengthened alliance in metaverse platform (virtual Hana FG sales office on SKT metaverse platform “ifland”; setup of payment system in metaverse platform ecosystem)
(4) Launch of convergent financial products targeting SK ICT family clients (development of customized cards for SKT clients; insurance products offered in partnership with subscription service T World)
(5) Joint use of mutual infrastructure (payment network, various online channels, VIP programs, point system, etc.)
— In partnership with Hana FG, SK square will push to launch convergent products/services in commerce, media and security.
— Relevant personnel and departments will hold regular synergy meetings to facilitate cooperative operations.