KDB plots next steps as Woori deal collapses

22 Jun 2011

Korea Development Bank is on the look-out for possible acquisitions after the local regulator blocked its attempt to buy Woori Bank last week, hurting KDB’s chances of fulfilling its ambitious aim of becoming a globally-competitive investment bank.

Kim Seok-dong, chairman of Korea’s Financial Services Commission, announced last week that KDB would be discouraged from bidding for Woori, which the government is trying to sell its 57% stake in. That decision hampers the government’s plans to transform KDB into an international investment bank, and has forced ...

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