KDB’s IPO unlikely this year given political climate

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KDB’s IPO unlikely this year given political climate

KDB Financial Group’s initial public offering may be difficult this year amid lawmakers’ opposition to the plan, KDB’s largest shareholder said.

“Proceeding with the IPO this year looks tough,” Chin Young-wook, CEO of state-run financier Korea Finance, told reporters yesterday. “We’ll still do our utmost as the IPO is mandated by the law.”

Korea is seeking to sell at least 10 percent of KDB Financial this year to help bolster the bank’s global competitiveness.

The plan has been delayed as lawmakers are yet to approve the government’s guarantee for Korea Development Bank’s outstanding overseas debt, a precondition for the IPO.

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