North Asian private equity firm MBK Partners plans to streamline its newly acquired credit card business in South Korea to bolster profitability against a tougher industry backdrop, say industry sources.
South Korean chaebol Lotte Corp said on Monday that it had agreed to sell 79.83% of Lotte Card, the country’s fifth largest credit card issuer, for W1.38 trillion $1.16 billion to a consortium comprising North Asian private equity firm MBK Partners and Woori Bank.
The sale comes as cuts in credit card merchant fees will significantly lower the industry's profitability.
In November, Korea’s Financial Services Commission announced significant cuts to credit...
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