SK Telecom said that its board has approved a plan to buy a 49 percent stake in Hana Financial Group's credit card unit Hana Card for KRW 400 billion. SK Telecom said the joint venture with Hana will help it promote the proliferation of mobile credit cards and to launch a next-generation payment service. The mobile operator said it will soon roll out a mobile credit card, through which subscribers will be able to pay for purchases with their mobile phones and access their personal banking information. SK Telecom expects to complete the deal by the end of February. The company will acquire 57.6 million new shares to be issued by the credit card company. Hana Financial will remain the largest shareholder in Hana Card with a 51 percent stake.

source:telecompaper