KDB kicks off sale of Daewoo Securities

The state-run Korea Development Bank announced the appointment of PwC Korea and Credit Suisse as the advisers for selling its controlling stake in KDB Daewoo Securities, KDB Asset Management and KDB Capital.

PwC Korea will also be acting as accounting adviser for the deal, while Lee&Ko will take charge of the legal consultation.

The value of the divestment is expected to exceed 3 trillion won ($2.5 billion), a large part of which is attributable to KDB Daewoo Securities.

The brokerage house achieved net profit of 229.4 billion won during the first half of the year, beating market leaders NH Investment & Securities and Samsung Securities.

By Bae Hyun-jung, tellme@heraldcorp.com
The Korea Herald