Foreign Partners Eyed in Sale of LG Card

Published on:
12 September 2006 at 10:20 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00017641-foreign-partners-eyed-in-sale-of-lg-card/

By Na Jeong-ju, Korea Times

Shinhan Financial Group seeks to join hands with foreign investors to take over LG Card, the country’s second largest card issuer that has been up for sale, sources said Monday.

Creditors of LG Card are looking for potential bidders for the auction, which may cost some five trillion won ($4.8 billion). Korea Development Bank, the largest shareholder with a 22.93 percent stake, said it will complete the sale of the card firm by the end of March next year.

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