KB Financial and ICBC in talks on investment banking JV

The Korean group seeks to diversify and strengthen its business portfolio by setting up investment banking.

KB Financial Group Inc, the largest commercial bank in South Korea, said on Monday that it is in initial talks with Industrial and Commercial Bank of China to cooperate in investment banking.

The South Korean company said in a regulatory filing that no agreement or decision has been made on details such as the establishment of a joint investment company.

KB Financial's statement was made in response to a media report saying yesterday that both companies planned to set up investment banking joint venture.

KB Financial has aggressively pushed to diversify and strengthen its business portfolio, as its earnings are mainly contributed by its retail banking business.

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