Seoul-based KB Financial Group Inc. has selected Goldman Sachs Group Inc. (GS) and Morgan Stanley (MS) to arrange its $2 billion share sale, Bloomberg reported Monday, citing five people familiar with the matter.
According to the report, KB Financial canceled previous agreements with Bank of America Corp. (BAC), Citigroup Inc. (C), Credit Suisse (CS) and JPMorgan Chase & Co. (JPM), amid a dispute over fees. Firms including Bank of America reportedly pulled out after KB Financial refused to increase fees from 0.6% of the capital raised, about one-fourth of average commissions for underwriting rights offerings.
Samsung Securities Co. and Korea Investment & Securities Co. were also hired to help manage the offering, the report said.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.