South Korean KB Financial is likely to withdraw from bidding for Prudential Investment & Securities, reported the Seoul Economic Daily in Korean here.
The report cited an unspecified insider at KB Financial Gorup as saying that KB’s high officials have deemed that Prudential Securities is not the right target -
“we (KB) evaluated that if we merged with Prudential, the synergy effects created would be weak”
The insider was further quoted as saying that KB is interested in a larger brokerage firm at the moment.
According to an earlier report, KB Financial Group, with a war chest of KRW 1trn, had been considered as the front runner to acquire Prudential Group’s South Korean Investment & Securities division.
See the previous posts Prudential Sale: Macquarie and Hanwha shortlisted and Prudential to sell Korean units soon for more information.
(Source: Seoul Economic Daily, additional translating by Han Doo-hee)
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