KEB Decides to Sell Portion of Securities Affiliate

The Korea Exchange Bank (KEB) decided to sell off 30 out of its 50 percent stake in KEB Saloman Smith Barney Securities, a KEB subsidiary, to Saloman Smith Barney Securities based in the United States.
A top-ranking official at KEB said on May 13 that
KEB will soon hold a board of directors meeting to finalize details of the sale.
Accordingly, if the sale is implemented, KEB and Saloman Smith Barney's equity division will move from the current 50/50 to 20/80. Furthermore, the chief executive of KEB Saloman Smith Barney Securities, so far occupied by a director of KEB, will likely be replaced with somebody from the U.S.'s Saloman Smith Barney.
An official from KEB Saloman Smith Barney Securities said that no concrete decision has been made about the sale nor a change of its chief executive, adding that it is negotiating to sell an undetermined portion of its shares.
Jangsoo Seo:jsbee@joongang.co.kr