Korea

FSS investigation on Kang caused KB board to sidetrack from deciding on KEB takeover.

Lender’s privatization gained headway when institutional investors acquired total of 72.54mln shares at 16,000 won each.

Move part of KDIC plan to reduce stake in Woori to 50% towards lender’s privatization.

US fund sent letters to investors in an effort to resume lender’s delayed sale. U.S. buyout fund Lone Star Funds has asked South Korean and overseas investors whether they are interested in buying a major stake in Korea Exchange Bank, kicking off initial steps to resume its stalled sale, financial authorities said Monday. According to the authorities and industry sources, Lone Star Funds sent letters to around 50 domestic and foreign investors last week to notify them of the sale and tap interest in the deal. The U.S. fund selected Credit Suisse on March 11 as lead manager for the sale of the 51.02 per cent stake in South Korea's fifth-largest lender. View the full story in Trading Markets.

KB Financial and Hana Financial possible suitors should Korea approves privatization process in second half 2010.

Lender confident of being leader in merger and acquisitions drive despite facing difficulties and controversies.

Move part of government-initiated reform to separate the board of directors of finance companies from management. KB Financial Group replaced three outside directors in a shareholders' meeting at the headquarters of Kookmin Bank in Seoul, Friday, joining in the industry-wide move to overhaul their board rooms. Former Industrial Bank of Korea CEO Lee Kyung-jae, EZ Digital CEO Lee Young-nam and Sookmyung Women's University Professor Koh Seung-hee were appointed as new outside directors of the group. Jacques Kemp, former ING Asia-Pacific CEO, was reappointed as an outside director. Among them, Lee Kyung-jae was appointed as chairman of the board of directors. Lee had served several key economic posts, such as CEO of Industrial Bank of Korea, chief executive of Korea Financial Telecommunication & Clearings Institute and an auditor at the Bank of Korea. ``I feel honored to be appointed a board chairman of KB. I will help KB to retain its vitality again,'' Lee said. View the full story in Korea Times.  

Lax management of Tokyo, Los Angeles and Sydney branches can result to sanction by regulator.

Buyout fund restarts attempt to dislodge 51% share in KEB despite pending appeal at Supreme Court.

Government intends to complete lender's privatisation to maximise company value amid above 300% profit growth performance.

Regulator announced possible union between Woori and KB Financial as South Korea targets global financial competitiveness.

Lender’s profit back to green despite KB Financial’s Q4 net slid by 59.4%.

South Korea's new policy limiting outside directors to a maximum five year term prompts Cho's resignation.

Korea’s Finance Ministry is confident the lender can largely contribute to enhanced circulation of treasury bills.

Sale of 16 percent stake of the financial firm speeds up its privatisation.

Move is part of Woori's plan to capture Korean American market in the two US coasts.