KDB to consider market conditions in overseas bids: head

SEOUL, Feb. 3 (Yonhap) -- South Korea's state-run Korea Development Bank (KDB)
said Wednesday it will take into account market conditions when pushing for
overseas expansion following its recent withdrawal of a bid for a Thai bank.

KDB said Monday it has pulled out of its bid for a stake in Siam City Bank Plc,
Thailand's No. 7 lender, citing unfavorable conditions.
"KDB's decision to drop its bid came as the Thai bank attached conditions we
could not accept," Min Euoo-sung, president of KDB Financial Group, told
reporters.
KDB has been looking to acquire financial firms in Asia as part of efforts to
expand its funding sources ahead of its privatization. Min said it is looking at
two or three countries for potential takeovers.
But market watchers said its push for overseas takeovers seemed to hit a snag
after U.S. President Barack Obama recently unveiled proposed rules to limit risky
taking and growth by big banks.
The Korean government plans to reduce its 100 percent stake in KDB Financial
Group within four years to put it in private hands. The group was created in late
October as the holding company for KDB and four other units.
sooyeon@yna.co.kr
(END)

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