Seoul trims stake in Industrial Bank of Korea

The long-awaited deal raises $250 million after being upsized by 77%. Separately, a former director of CIMC Enric pockets $121 million from the sale of his remaining shares in the company.

Seoul trims stake in Industrial Bank of Korea

The Korean ministry of strategy and finance has reduced its stake in Industrial Bank of Korea IBK through a block trade, raising W264.94 billion $250 million.

The deal, which was launched and completed after the market closed on Tuesday, came just a week after two other government entities offloaded shares in Korea Electric Power Corp Kepco and Daewoo Shipbuilding and Marine Engineering, suggesting a slight acceleration of the government’s privatisation efforts before the...

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