KB chief hints at foreign bank buy

KB Financial Group chairman Euh Yoon-dae (left) shakes hands with Cha Heung-bong, head of the Community Chest of Korea after donating 51 small cars to the charity organization in Seoul on Wednesday. (Chung Hee-cho/The Korea Herald)

KB Financial Group chairman Euh Yoon-dae said on Wednesday local lenders will be given a chance to take over a foreign bank.

Euh said more European banks are likely to be on the M&A market and it’s a good opportunity for Korean banks. “I believe Korea Development Bank should take over one of the global banks,” he said without elaborating on whether KB would pursue such a deal.

As for the takeover of a life insurance firm, Euh said KB is not interested in a stake in Kyobo Life Insurance since the block is not big enough for securing management control.

By Yang Sung-jin (insight@heraldcorp.com)