South Korea's Fair Trade Commission (FTC) launched an on-site investigation into KB Financial Group's (KRX:105560) Kookmin Bank and Hana Financial Group's (KRX:086790) Hana Bank on collusion over household loan ratio.
The investigation follows a similar probe at Shinhan Financial Group's (KRX:055550) Shinhan Bank and Woori Financial Group's (KRX:316140) Woori Bank last week, Yonhap News reported Monday.
The four lenders are suspected of colluding by sharing 7,500 loan-to-value (LTV)-related documents to align lending limits, potentially restricting competition and harming consumers. The FTC, which postponed its November decision following an initial investigation, reopened the case for further scrutiny, the report said.
Shares of KB Financial Group and Hana Financial Group rose 1% each in recent trade on Tuesday.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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