Samsung Card to set up AMC

The top Korean credit card monoline is looking at potentially forming a JV with a foreign firm to work out NPLs.

Following its successful W800 billion $680.7 million going public bond and W1 trillion recapitalization, Samsung Card has told FinanceAsia it is actively looking to now work out its NPLs in joint venture, potentially with a foreign partner.

The top Korean credit card company reckons it will break even in its operations in the fourth quarter, but is wasting no time in trying to deal with its bad debts.

According to CFO, Kim Suk, the card company faces the problem that if it keeps a delinquent portfolio for more than six months it has to put up 100% against it as reserves. So we need to find a conduit...

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