Kexim divests IBK stake

Government takes advantage of share price rally.

The Export Import Bank of Korea Kexim raised $408 million yesterday October 12 after selling a 7.9% stake in the Industrial Bank of Korea IBK. The divestment was prompted by the government's desire to raise funds to bridge the budget deficit and the Ministry of Finance and the Economy MoFE has said it may sell up to 20% in the policy bank over the next two years.

As a result of the 32 million share deal, Kexim will drop from 10.2% to 2.3%, while the MoFE will continue to hold 51% and the Korea Development Bank a further 12.5%. The freefloat will expand from 26% to 34.2% and...

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