Report by : Gan Yung Chyan, KUCINTA SETIA
The South Korean government held a meeting of relevant department chiefs on 16 November 2020 and agreed that the Korean Industrial Bank, the main creditor bank of Asiana Airlines, would invest 800 billion Won to support Korean Air's acquisition of Asiana Airlines.
If the merger is successful, South Korea’s two major aviation giants will merge into one, making it one of the top ten airlines in the world. The Industrial Bank also stated that it will merge the subsidiaries of the two companies in phases, three low-cost airlines (Jin Air, Air Busan and Air Seoul). The integrated airline company born through this transaction will be among the top 10 in the global aviation industry.
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