SEOUL, Oct. 7 (Korea Bizwire) — KakaoBank Corp., a major South Korean Internet-only bank, will review a set of shareholder return policies, including buybacks, its chief executive said Friday, as its share prices have been on a steep decline.
Shares in KakaoBank dropped by 9.38 percent to end at 18,350 won (US$13) Friday, hitting the lowest point since the company went public on Aug. 6 last year.
“We will actively review shareholder return policies, such as share buyback or share retirement, by the time the 2022 account settlement is approved at a shareholder meeting,” its CEO, Yoon Ho-young, said in an internal message sent to employees.
“I offer our shareholders a sincere apology for a recent fall in stock prices,” he said.
Yoon said the company will make efforts to make managing stock prices one of management’s top priorities.
The internet bank is scheduled to report its third-quarter earnings results early next month.