-Kookmin sells stake in parent company.
Global Banking News-March 28, 2011--Kookmin sells stake in parent company(C)2011 ENPublishing - http://www.enpublishing.co.uk
Global Banking News - 28 March 2011
South Korea-based Kookmin Bank has sold a stake in its parent company, KB Financial Group, to Japan-based Sumitomo Mitsui Financial Group, Inc (8316.TO).
Kookmin Bank sold a 0.65 per cent stake in KB Financial Group to Sumitomo Mitsui Financial Group, Inc for about USD125m. The deal is expected to help KB Financial Group unload its treasury shares.
At the start of this year, KB Financial Group had said that it was looking to sell a part of its stake, which it acquired when the bank became a holding company in 2008. To adhere to banking rules in the nation, the company needs to sell its 10.6 per cent stake held by Kookmin Bank by September.
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