SOUTH KOREA: Lotte set to buy Tong Yang’s credit card business
South Korean business conglomerate Lotte Group has announced that it is close to finalising a deal to acquire the credit card unit of Tong Yang Card Corp. Lotte, which owns the largest department store in South Korea as well as Lotte Confectionery and the franchise to TGI Fridays, will be hoping to cash in on the rapid expansion of the credit card market in South Korea.
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