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KOREA'S KOOKMIN BANK TO INVEST MORE THAN US$849 MLN IN STOCKS.
SEOUL, Feb 4 Asia Pulse - Kookmin Bank said Tuesday it will consider a plan to invest more than 1 trillion won (US$849 million) in the stock market.
The bank said it also plans to issue hybrid bonds bearing an annual interest rate of 6 per cent and sell them to institutional and private investors.
The bank explained its decision to invest in the stock market has been made based on projections the stock market hit the bottom.
Kim Jung-tae, president of the largest retail bank in the country, said the bank arrived at the decision that now is the time to invest in stocks with the bourse hitting bottom, although the bank is still watching the market.
The Kookmin Bank chief executive officer said the price of the bank's shares fell to its lowest point lately and if if drops further, it won't fall more than 20 per cent at this point and the bank can absorb 200 billion in loss after investing around 1 trillion won.
The bank ...
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Source: HighBeam Research, KOREA'S KOOKMIN BANK TO INVEST MORE THAN US$849 MLN IN STOCKS.