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KDB Financial Group Inc. has under its wing five affiliates, including KDB and Daewoo Securities Co. South Korea's financial regulator gave KDB the green light Oct. 7 to establish the holding company.
"KDB Financial will try to become one of top 20 global investment bankers by 2020," Chairman Min Euoo-sung told a launching ceremony. "The group will first start to strengthen its presence in Asia, and it is open to mergers and acquisitions."
Early this month, Min told lawmakers that KDB Financial will list its shares on the local bourse in 2011 and in overseas markets the next year in a bid to accelerate its privatization.
KDB, 100 percent owned by the government, was set up in 1954 to provide financing to local firms for facility investment purposes. In the aftermath of the country's economic crisis in 1997-98, it played a key role in bailing out financially troubled companies like Hynix Semiconductor Inc.
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