Kookmin Bank sells 0.65% of parent company’s stake to Sumitomo Mitsui

The Korean lender offered 2.5mn shares in KB Financial to Sumitomo at $50.53 per share.

South Korea's Kookmin Bank sold a 0.65% stake in parent KB Financial Group Inc. to Japan's Sumitomo Mitsui Financial Group Inc., online news provider edaily reported, citing unnamed market sources.

Kookmin sold 2.5 million shares in KB Financial to Sumitomo at KRW55,630 ($50.53) per share, totaling about KRW139 billion ($124.7 million), the report said. Kookmin is required to divest all of the KB shares it owns by September and has reduced the stake size through share swaps with local companies, according to a report in YTWHW.

Kookmin holds about 9.07% of KB after the sale to Sumitomo, according to the report.