KDB in talks to buy Southeast Asian bank: report

SEOUL (BestGrowthStock) – Korea Development Bank (KDB) is in talks to acquire a Southeast Asian bank, Chief Executive Min Euoo-sung was quoted as saying by Dong-a Ilbo newspaper, but did not provide any details.

A KDB spokesman confirmed the remarks to Reuters.

“As negotiations are getting ripe, we would be able to make an announcement when entering the due-diligence process,” Min said in an interview with the local newspaper.

Min’s comments came as the state-run bank continues to pursue merger or acquisition opportunities to boost its deposit base, including a recent stake purchase in RBS Uzbekistan from Royal Bank of Scotland Group Plc (RBS.L: ).

Last year, KDB participated in the sale of Thailand’s Siam City Bank (SCIB.BK: ) but pulled out citing regulatory uncertainties in the global banking industry (Read more about the banking industry recovery.).

Earlier, KDB said it aims to complete the sale of the country’s top logistics firm, Korea Express Co Ltd (000120.KS: ), by June.

(Reporting by Hyunjoo Jin and Ju-min Park; Editing by Anshuman Daga)