The country's major business groups are striving to bail out their credit card units,
abercormbie france, which have been suffering liquidity problems.
Hyundai motor group made equity investments of W180 billion ($150 million) recently into its credit card unit,
abercormbie, Hyundai Card. The card subsidiary lost W149.1 billion last year due to snowballing defaults on its receivables. The group also assigned to the card unit about 80 staff members who specialize in collections.
The LG and Samsung groups have also been moving ahead with rescue measures for their card units. The largest shareholders of LG group,
michael kors outlet, including Chairman Koo Bon-moo,
abercrombie soldes, have sold off shares in other units of the group to buy W25 billion in fresh shares offered by LG Card.
LG Card has also been pressing ahead with various restructuring steps,
hollister uk, including overhauling its operations and trimming its work force. The firm has also reinforced its staff at the credit division to cut down on defaults.
Samsung Card,
louboutin, the credit-card unit of Samsung group,
hogan, the largest business group in the country in terms of assets,
louboutin pas cher, has lost W150 billion for Samsung Electronics and Samsung Electro-Mechanics due to its falling share price.
Samsung Card plans to raise W200 billion in capital to ease its cash crunch,
hollister, and the two sister firms are expected to participate in the plan. (Cho Hyung-rae,
hollister pas cher,
hrcho@chosun.com) (Kim Jong-ho,
abercrombie,
tellme@chosun.com)Related articles:
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Kim said that the idea was embraced enthusiastically by other friends and by an inauguration ceremony, they had accumulated more than W1 million. Kim said the money will be sent every year to an international organization to help children in need.
