South Korea's state audit agency has advised the Korea Development Bank (KDB) to sell off its five financial units, including Daewoo Securities Co., financial sources said Monday.
The Board of Audit and Inspection has advised the KDB to sell off the five units, including KDB Capital Corp., KDB Partners Co., KDB Asset Management Co.. and Korea Infrastructure Investments Asset Management Co., according to the sources.
It would be desirable for the policy bank to recoup its investment in the companies by selling them instead of putting them under its arms, the agency reportedly said.
The KDB, however, said it does not intend to sell Daewoo Securities, KDB Capital and KDB Asset Management as the three financial units are essential to boosting the state bank's status as a global investment bank. The policy bank is already involved in the process of selling KDB Partners.
The KDB is not mandated to follow the agency's advice, it added.
The audit agency plans to come up with the results of its recent audit into the KDB and 11 other local state-run financial companies soon.
Seoul, Sept. 25 (Yonhap News)
S. Korea's audit agency advises KDB to sell off five financial units |
