Kexim divests IBK stake

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.