Korea Development Bank Buys HSBC's S. Korea Retail Unit

Law360, New York (April 09, 2012, 7:25 PM ET) -- KDB Financial Group, South Korea's largest state-owned banking group, reportedly struck a deal on Monday to buy HSBC Holdings PLC's South Korean consumer lending business, seeking to bulk up its retail operations ahead of a planned initial public offering.

Korea Development Bank will acquire HSBC's deposits and mortgage portfolio, as well as HSBC's 11 branches in South Korea, Dow Jones reported.

The bank did not immediately return requests for confirmation. Its chairman, Kang Man Soo, said last week that the parties were close to signing a...
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