KT Corp., Korea’s largest phone and Internet company, agreed to buy a 20 percent stake in BC Card Co. from Woori Bank to expand into mobile-payment services.

Woori will have the option of buying back a portion of the stake if KT begins its own credit-card business, Lee In Won, a spokesman for the Seongnam, Korea-based phone carrier, said Tuesday. The deal is subject to further internal approval, he said.

KT said in October it signed a preliminary agreement with Woori to buy the stake.

Lee declined to comment on an Edaily report that said KT agreed to pay more than 140,000 won ($127) a share, citing a non-disclosure agreement.

Woori owns about 28 percent of BC Card, according to the Seoul-based bank. 

(Bloomberg)