KDB mulling buying Thai bank

KDB-Thai bank

SEOUL, Jan. 18 (Yonhap) -- South Korea's Korea Development Bank (KDB) said Monday
it is considering buying Siam City Bank Plc, Thailand's No. 7 lender, as part of
efforts to expand its reach into the Asian market.

"KDB is mulling seeking to take over the bank, although discussions are in the
early stages. The head of KDB Financial Group Inc. left for the country on Sunday
for a three-day trip to discuss the matter with the Thai authorities," a
spokesman at the KDB said.
Min Euoo-sung, president of KDB Financial Group, has said that the group is
looking to acquire financial firms in Asia as part of efforts to expand its
funding sources ahead of its privatization. He said it is looking at two or three
countries for potential takeovers.
The Korean government plans to reduce its 100 percent stake in KDB Financial
Group within five years to put it in private hands. The group was created in late
October as the holding company for KDB and four other units.
The Bank of Thailand, the country's central bank, is seeking to sell its 47.6
percent stake in Siam City Bank by the second quarter of this year.
sooyeon@yna.co.kr
(END)