KB Financial Says Not In Talks To Buy Prudential Investment
August 13 2009 - 3:07AM
Dow Jones News
KB Financial Group Inc. (105560.SE) Thursday said it isn't in
talks to acquire Prudential Financial Inc.'s (PRU) South Korean
brokerage unit, Prudential Investment & Securities, contrary to
an earlier report by online news provider Edaily.
"It is groundless that we are in talks," said Choi In-seok, a
spokesman at KB Financial. He didn't elaborate.
Prudential Investment's spokesman said he doesn't know anything
about the reported sale or talks.
Edaily reported Prudential Financial has hired Deutsche Bank for
the sale of the unit.
In February 2004, U.S.-based Prudential Financial bought an 80%
stake in South Korea's Hyundai Investment & Securities Co. for
KRW355.5 billion. The company became Prudential Investment.
-By Shin Jung-Won, Dow Jones Newswires; 822-2198-2240;
jung-won.shin@dowjones.com