S.Korea Kookmin to launch $962 mln share buyback

SEOUL, Aug 14 (Reuters) - Kookmin Bank 060000.KS, South Korea's top retail lender, said on Thursday that it would buy back 1 trillion won ($962 million) worth of its shares from the market to shore up its share price.

The move is seen as aimed at helping the bank drum up more shareholder support for its planned launch of a holding company by dissuading shareholders from vetoing the plan in hopes of forcing Kookmin to repurchase their shares at above-market prices.

The buyback will take place between Aug. 18 to Nov. 17, Kookmin told the Korea Exchange in a disclosure.

($1=1039.5 Won)

(Reporting by Kim Yeon-hee; Editing by Jonathan Hopfner)