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S.Korea IBK eyes Korea Post's financial unit-paper

Sun Jun 21, 2009 7:50pm EDT

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SEOUL, June 22 (Reuters) - The Industrial Bank of Korea (IBK) (024110.KS), majority owned by the South Korean government, has reported to parliament a plan to buy the financial arm of the country's postal service agency, a newspaper said on Monday.

IBK has been in talks with the ruling Grand National Party (GNP) to take over deposit-taking and insurance businesses from the Korea Post, the Dong-a Ilbo daily quoted the party's member of parliament Koh Seung-duck as saying.

He leads an economic committee of the ruling party.

"Once the privatisation plan of Korea Development Bank shapes up, (the Grand National Party) will push forward a plan to sell Korea Post's financial services operation to Industrial Bank of Korea," Koh told the newspaper.

(Reporting by Kim Yeon-hee; Editing by Jacqueline Wong)



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