Yoon travels to Netherlands for chip allaince, strategic partnership
[Herald Interview] Renault Korea prepares for major changes from 2024
Samsung, SK chiefs to visit ASML to discuss chip alliance
[Graphic News] Youth population in S. Korea to halve in 30 years
RM and V begin mandatory military service
Kookmin won’t sell parent shares to marketBy 황장진
Published : April 4, 2011 - 18:58
Korea’s top lender, Kookmin Bank, bought about 21 percent stake in its parent, KB Financial Group, in September 2008 when the group was created. By banking law, the bank is required to unload around 9 percent stake in the group by the end of September.
“Long-term investors including foreign investment trust firms have decided to buy the shares held by Kookmin Bank,” said Euh Yoon-dae, chairman of the country’s leading banking group. “No shares will be put on the market.”
KB Financial has been making efforts to sell stocks held by Kookmin Bank through share swaps with bigger companies, including POSCO, and block trades. Japan’s Sumitomo Mitsui Financial Group has purchased an additional 0.65 percent stake in KB Financial, raising its holding in the group to over 1 percent.
The stock sale is widely expected to hike the bank’s capital adequacy ratio, and the proceeds will be used to finance the group’s takeovers.
Chairman Euh said the group will aggressively seek to buy a savings bank as several ailing savings banks are up for sale.
Yoon departs for Amsterdam for regional security, chip cooperation
Korea to set up commission to combat supply chain disruptions
Could ex-leaders of rival parties join hands to launch a new force?