ID :
195709
Tue, 07/19/2011 - 06:46
Auther :
Shortlink :
https://oananews.org//node/195709
The shortlink copeid
KDB raises this year's deposit target
SEOUL, July 19 (Yonhap) -- The state-owned Korea Development Bank (KDB) has revised up its target of deposits for this year in an effort to brace for its privatization, industry sources said Tuesday.
KDB, an affiliate of KDB Financial Group Inc., raised its full-year deposit target to 4.5 trillion won (US$4.2 billion) from 3.5 trillion won set previously as the bank achieved the target earlier than expected, according to sources. Last year, the bank's deposits reached 2.2 trillion won.
The move came as it is critical for the state-run bank to secure the deposit bases ahead of the privatization as the bank largely focuses on corporate and investment banking.
The government, which owns 100 percent of the group, should start to reduce its stake no later than May 2014 for the privatization. Under the blueprint for KDB's privatization, the group will seek to list its shares on the Seoul bourse this year and on foreign stock markets in 2012.
In an effort to strengthen the deposit bases, KDB will seek to increase the number of its branches to around 70 this year, up from 50 currently in operation. Next year, the bank plans to open another 30 branches.
KDB said Monday that it plans to hire 100 high school graduates and provincial college graduates for next year, two-thirds of the total new employees that the bank will recruit.
KDB, an affiliate of KDB Financial Group Inc., raised its full-year deposit target to 4.5 trillion won (US$4.2 billion) from 3.5 trillion won set previously as the bank achieved the target earlier than expected, according to sources. Last year, the bank's deposits reached 2.2 trillion won.
The move came as it is critical for the state-run bank to secure the deposit bases ahead of the privatization as the bank largely focuses on corporate and investment banking.
The government, which owns 100 percent of the group, should start to reduce its stake no later than May 2014 for the privatization. Under the blueprint for KDB's privatization, the group will seek to list its shares on the Seoul bourse this year and on foreign stock markets in 2012.
In an effort to strengthen the deposit bases, KDB will seek to increase the number of its branches to around 70 this year, up from 50 currently in operation. Next year, the bank plans to open another 30 branches.
KDB said Monday that it plans to hire 100 high school graduates and provincial college graduates for next year, two-thirds of the total new employees that the bank will recruit.
