Kakao Corporation, the operator of Korea's main mobile messaging app Kakao Talk and the internet portal Daum, will soon become the biggest shareholder of the internet-only bank Kakao Bank.
With the sale to take place as soon as tomorrow, Kakao Bank will become the first bank majority owned by a non-financial entity.
Currently, Kakao holds an 18-percent stake.
It plans to acquire 41.6 million shares from Korea Investment Holdings. so that each has a stake of one-third, plus one extra share for Kakao.