KDB ups stake in financial leasing company

Saturday, May 3, 2008
Korea Development Bank’s KDB Capital Corporation raised its stake in a Vietnamese financial leasing company to 60% from 37.7% to expand its business in the country.
KDB bought the additional stake in Vietnam International Leasing Company from Industrial & Commercial Bank of Viet Nam, the country’s fourth biggest bank, Kim Byung Sun, first deputy general director of the financial leasing company, said in an e-mailed statement.He didn’t say how much KDB paid for the stake.
Cho Soo Cheol, a spokesman at KDB Capital in Seoul, said by phone that the South Korean company raised its stake to 60% last year.
Natixis SA, the French investment bank, and Aozora Bank Ltd., the Japanese bank controlled by Cerberus Capital Management LP, each holds 20% in the leasing company, Kim said. (Bloomberg)