Kookmin to sell $147.42mn stake to POSCO

KB Financial is seen to engage in share exchange deals with two or three Korean conglomerates.

Reuters reported that Kookmin Bank, banking arm of KB Financial Group Inc, has agreed to sell a stake in its parent group worth KRW 165 billion to POSCO in a share swap to help reduce its 11.2% treasury share holding to comply with local banking rules.

The share exchange comes as the parent of the country's top lender may sign share exchange deals with two or three Korean conglomerates including POSCO.

POSCO said in a regulatory filing after the stock market's closing bell that the steelmaker had decided to take a 0.61% in the Korean financial holding firm in exchange for a 0.39% stake in itself.

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