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S.Korea Kookmin to launch $962 mln share buyback

Wed Aug 13, 2008 9:52pm EDT

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.

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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)

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