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KDB may move into Indonesia, home to units of many local businesses.
November 03, 2009
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KDB Financial Group Chairman Min Euoo-sung said the group, which currently has five subsidiaries ranging from a bank to a stock brokerage, would seek to enter developing Asian markets in need of advanced financing services for major infrastructure projects including railroads or ports. “We are seeking to explore countries where we can not only provide our financial services but where there will also be business for other Korean companies, such as manufacturers or construction companies,” Min said at a press conference yesterday. He said the group is considering “two or three” Asian countries including Indonesia, where many Korean companies have divisions. Korea Development Bank, the group’s flagship unit, has a small deposit pool, instead issuing government-backed bonds and offering low-interest loans to local exporters and companies backed by state policies, a role called “policy financing” here. Now this job belongs to the Korea Finance Corp., recently spun off from KDB. Today KDB is a holdings group with five units - the bank, Daewoo Securities, KDB Capital, KDB Asset Management and Korea Infrastructure Investments Asset Management. The government, which currently owns KDB Financial Group, is set to sell its stake in KDB to private-sector investors beginning in 2014, after the group lists stock on markets in 2011 and 2012. The group is working to increase its value before the share sale, possibly by expanding its presence in Korea and abroad, said Min, a former senior executive at Lehman Brothers. By Jung Ha-won [hawon@joongang.co.kr] |
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