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S&P cuts outlook on Korea Development Bank.

Global Banking News-5 June 2008-S&P cuts outlook on Korea Development Bank(C)2008 ENPublishing - http://www.enpublishing.co.uk

Global Banking News - 05 June 2008(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk

Standard & Poor's (S&P) Ratings Services has revised its outlook on Korea Development Bank (KDB) to negative from stable.

The outlook revision is based on the Korean government's plan to transform KDB into a private bank, which would reduce the government support to a part of the bank in future.

As per the government plan, the development bank will be split into two organisations -- the Korea Development Fund, which will continue to provide public policy finance, and a bank, which will operate as a profit-maximising organisation.

The ownership of the bank will be transferred to a 100 percent government-owned financial holding company that is expected to be set up by December 2008.

[Editorial queries for this story should be sent to gbn@enpublishing.co.uk]

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Publication:Global Banking News (GBN)
Date:Jun 5, 2008
Words:170
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