KB Financial to seek M&As if necessary; Eximbank to push for bank name change
KDB Financial Group chairman Kang Man-soo and Woori Financial Group chairman Lee Pal-seung have clarified their resolve to privatize the state-funded groups.
In his New Year message to KDB Financial staff, 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.
This year’s business policy of KDB Financial is drawing wide interest ― in terms of mergers and acquisitions, in particular ― as it failed to take over Woori Financial Group in 2011.
Interestingly, the group is pushing ahead with privatization and M&As simultaneously.
Woori Financial chairman Lee took more active and concrete stance toward the sale project.
“We will have to make every effort again to achieve the goal of privatization this year,” Lee told his staff.
He stressed that financial authorities also shared the necessity of the government-held stake sale as soon as possible.
Many banking research analysts predict privatization of Woori Financial will precede that of KDB Financial.
KB Financial Group chairman Euh Yoon-dae also expressed the group’s willingness to carry out M&As if necessary.
“We are seeking to raise the market share in units of credit card, securities and insurance,” Euh said in his New Year message. “If opportunities are given, we will conduct M&As simultaneously.”
In the market, KB Financial has been picked as one of the potential buyers to participate in a future bidding to acquire the government’s stake in Woori Financial.
Export-Import Bank of Korea chairman and president Kim Yong-hwan reiterated that he would push to change the name of the state-run bank.
Kim, who took office as chairman last February, had said the bank has been in consultation with lawmakers to change the bank name to “Korea Bank for International Cooperation” amid expanded roles of the state-run bank.
The bank also plans to extend loans totaling 70 trillion won ($60.6 billion) to the corporate sector this year, he said.
Industrial Bank of Korea CEO Cho Joon-hee stressed that the bank will enhance risk management, forecasting that uncertainties will grow this year.
He also said the state-run bank will seek growth potential in the Northeast Asian markets.
Shinhan Financial Group chairman Han Dong-woo said the group will minimize external shocks by bolstering risk management.
By Kim Yon-se (
kys@heraldcorp.com)
