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Kookmin-H&CB merger to be postponed until Oct.

Posted April. 04, 2001 11:07,   


The projected merger between Kookmin Bank and Housing & Commercial Bank (H&CB), which was scheduled to be completed by Jul. 1, will be delayed up until mid-October.

An official involved in the merger said it would take at least four months for the completion of a screening by the Securities and Exchange Commission (SEC) for the merged bank`s listing on the New York Stock Exchange. ``The birth of the new integrated bank will be postponed to mid-October from the original target date of Jul. 1,`` he said.

He noted that there are differences between officials of the two banks on key matters such as the merger ratio, bank name and appointment of bank president. ``It won`t be easy for them to reach an agreement on these questions,`` he said. ``First, they will decide the merger ratio and corporate continuation and then discuss a new bank name and new president.``

In this connection, the integration-handling committee will discuss the merger ratio and corporate continuation overnight on Thursday in hopes of reaching a final agreement. The two banks are expected to conclude a formal contract for the merger on around Apr. 6.

Lee Na-Yeon larosa@donga.com