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KDB Financial Closes Receiving IPO Proposals
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South Korea's state-run KDB Financial Group Inc. said Thursday it has ended receiving proposals from brokerages here and abroad in preparation for its initial public offering (IPO), as the lender moves toward privatization.

The financial group had received IPO proposals from 26 local and overseas brokerages as of Feb. 23, it said in a statement.

It now plans to draw up a shortlist of 15 bidders after conducting a review based on the submitted documents. Those that make the list will be invited to a presentation scheduled for next week, KDB said.

It plans to choose the preferred bidder by early March.
The state-run financial firm has been pushing to list its shares as part of plans to privatize the group. Under local law, the government, which owns 100 percent of KDB Financial, has to sell its stake no later than May 2014.

KDB Financial Group chairman Kang Man-soo said Wednesday his company is fully committed to completing the privatization process by the fourth quarter of this year.

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Source: Yonhap News (Feb. 23, 2012)

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