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Business Sector Plans to Set Up a Leading Bank

Sept 15,1998
The business sector is trying to set up a new leading bank by way of investment from major banks in the US and France.
A source familiar with the matter from the Federation of the Korean Industries (FKI) said on September 15, ' The business sector is seriously discussing the idea with major banks in the US and France. One possible way is to acquire one bank among either Korea First Bank or Seoul Bank.'
FKI plans that it will have capital in a leading bank of 4 billion dollars by mobilizing 2 billion dollars from foreign capital and 2 billion dollars by about 50 Korean companies.
Meanwhile, Kim Woo Jung, chairman of the FKI, has been discussing with large major banks in the US including City Bank and Chase Manhattan Bank and these banks have indicated their positive intention to participate in setting up a new leading bank, the source commented.


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