KDB Financial Group chairman Kang Man-soo unveiled his concrete plan to launch the group’s privatization process again this year.
At a news conference on Thursday, Kang said the state-run financial group will sell 10 percent of the shares held by the government by the end of 2012.
He said the stake sale will be carried out through the group’s planned listing, or pushing for initial public offering, on the stock market.
Following similar remarks by chief financial regulator Kim Seok-dong a day before, Kang’s willingness toward the group’s listing on the Korea Exchange hints at public officials’ revitalizing KDB’s privatization process.
Public officials have already mapped out step-by-step procedures to sell government-stake in KDB Financial by 2014.
But Kang has not ruled out the possibility of hurdles for the listing, saying that “there could be unexpected factors according to market situations.”
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Kang Man-soo |
Earlier this week, Kang said the group will “expand global networks” to become a leading bank in Asia and “revitalize the plan to sell shares” held by the government.
Kang also publicized the group’s project to make inroads into the credit card market.
While the group is reportedly considering opening the “check card” business, he said the plan could be realized in consultation with policymakers.
Concerning KDB’s effort to take over Korean retail operations of HSBC, he said the group will complete, or drop out of, the deal as soon as possible.
Over the past few months, the state-run group’s flagship unit, Korea Development Bank, has been striving to acquire 11 retail branches of HSBC Korea.
He stressed the significance of mergers and acquisitions for future development of KDB Financial.
The group completed its takeover of the Royal Bank of Scotland Uzbekistan, or RBS Uz, last November after signing a contract in December 2010.
By Kim Yon-se (
kys@heraldcorp.com)
