Korea Development Bank (KDB) is considering options to sell its stake in KDB Daewoo Securities to a Chinese group by the end of 2015.
Also, the bank is planning to sell its stakes in two other units including KDB Asset Management Co. and KDB Capital.
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The asset management unit could be sold separately or in a package with Daewoo Securities, while the consumer finance firm, KDB Capital will be sold separately.
Currently, KDB owns 45% stake in KDB Daewoo Securities, while it holds 100% in KDB Asset Management and 99.92% in KDB Capital. The deal value of KDB’s 43% stake in Daewoo is expected to reach about KRW2trillion.
In Korea, KB Financial Group has emerged as a potential bidder for KDB Daewoo in a move to expand its banking-heavy portfolio.
KDB is set to name a lead manager to manage the auction next month, with plans to start the process from November, reported The Korea Times.
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By GlobalDataThe sale process is expected to be completed before the first half of 2016, according to Yonhap News Agency.
KDB told Yonhap News Agency that, "We will push to sell the companies as soon as possible. We will dispose of our entire stakes in the three companies in order to maximize sale value and contribute to the development of the local financial market."
KDB vice president Lee Dai-hyun said: "We won’t exclude foreign investors from bidding for KDB Daewoo Securities."
