February 24, 2011 / 8:09 AM / 6 years ago

KDB ends talks on Bank Panin deal

2 Min Read

    SEOUL, Feb 24 (Reuters) - South Korea's Korea Development Bank (KDB) said it failed to clinch a deal to buy a stake in Indonesia's Bank Panin from its top shareholder, in a move marking a setback for the Korean bank's plans to expand into Southeast Asia.

The South Korean state-run bank was in negotiations to purchase a stake in a Southeast Asian bank for around $1 billion as part of stepping up its effort to expand overseas in the face of weak growth prospects at home. [ID: nTOE70H030]

"The fact is that deal is dropped due to differences on conditions" a KDB spokesman said on Thursday.

KDB was in final talks with Panin Financial to acquire a part of its 45 percent stake in the seven-largest Indonesian bank in a bid to control the bank in the future, a source close to the deal said.

The potential deal was KDB's latest effort to pursue acquisitions abroad after the bank pulled out of bidding for an estimated $900 million stake in Thailand's Siam City Bank early last year.  (Reporting by Ju-min Park; Editing by Anshuman Daga)  

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