SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of November 2002
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Kookmin Bank
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(Translation of registrant's name into English)
9-1, 2-Ga, Namdaemun-Ro, Jung-Gu, Seoul, Korea 100-703
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(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Form 20-F X Form 40-F ___
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Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(1):_____
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of
a Form 6-K if submitted solely to provide an attached annual report to security
holders.
Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(7):_____
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of
a Form 6-K if submission to furnish a report or other document that the
registration foreign private issuer must furnish and make public under the laws
of the jurisdiction in which the registrant is incorporated, domiciled or
legally organized (the registrant's "home country"), or under the rules of the
home country exchange on which the registrant's securities are traded, as long
as the report or other document is not a press release, is not required to be
and has not been distributed to the registrant's security holders, and if
discussing a material event, has already been the subject of a From 6-K
submission or other Commission filing on EDGAR.
Indicate by check mark whether by furnishing the information contained in
this Form, the registrant is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes ___ No X
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Kookmin Bank Takes Stronger Action than Government
Guidelines on Consumer Credit Quality
On November 13, 2002, Kookmin Bank announced that it would take stronger action
on consumer credit quality. The following is the copy of press release.
Press Release
In connection with the Government's announcement of its strengthened prudential
regulation of home equity loans made on November 11, 2002, Kookmin Bank has
decided to carry out the following measures to preempt a property bubble
situation starting November 13, 2002.
[X] Strengthened prudential regulation of the loans secured by real estate
properties, a shift from limited regulation of housing properties to all
real estate properties. Under this initiative, loan to value ratios (the
"LTV") were further reduced as a stronger measure than that required by
the Government. Borrowers' proof of income requirement is now fully in
place, while variance in interest rates applied in proportion to debts
carried is expected.
[X] Restricting financial support to the speculative investors, a measure
far more stringent than that required by the Government. Under this
initiative, a single borrower may not take out a home equity loan in
excess of KRW 30 million for any property in addition to that any
existing applicable for 1 housing property. Further, loans for the
purposes of installment payments shall not be extended for that any
existing applicable for 1 housing property for a single borrower.
[X] Reduced LTV
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Classification LTV Remarks on Adjustment
--------------------------- -------------------------------------------- ---------------------------------------
[X] Small key deposit moneys
Houses 60% -> 55% (down by 5%p) for low value APTs were all
(including APTs) included in the calculation.
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APTs with rapid 55% -> 50% (down by 5%p) [X] All properties of at least
appreciation in value KRW 300 million in appraised
--------------------------- -------------------------------------------- value (lowest market value)
shall be subject to [LTV x
Officetels 69% -> 55% max. (down by 14%p max.) Additional adjustment rate
--------------------------- -------------------------------------------- (86% max.)]; i.e., LTV for an
apartment of KRW 1 billion as
Commercial buildings 71% -> 50% (down by 21%p max.) its lowest market value: 55%
--------------------------- -------------------------------------------- x 86% = 47.3% shall be
applied.
Lands 49% -> 40% max. (down by 9%p max.)
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Kookmin Bank
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(Registrant)
Date: November 13, 2002 By: /s/ Jong-Kyoo Yoon
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(Signature)
Name: Jong-Kyoo Yoon
Title: Executive Vice President &
Chief Financial Officer
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