SEOUL, Feb 24 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
(Reporting by Ju-min Park; Editing by Anshuman Daga)