SEOUL, January 23 (AJP) - South Korea’s Lotte Card said on Friday it has secured about 4.42 trillion won ($300 million) in overseas funding through the issuance of asset-backed securities.
The credit card company, part of the Lotte Group conglomerate, said the funding was raised by issuing asset-backed securities (ABS) backed by credit card sales receivables. Societe Generale participated as an investor, and the securities have an average maturity of three years.
Lotte Card said the issuance was structured as a social bond, with all proceeds to be used to provide financial services to low-income customers.
Since 2021, the company has raised a cumulative 23.1 trillion won in overseas funding through five rounds of issuance, it added.
* This article, published by Aju Business Daily, was translated by AI and edited by AJP.
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