KDB in talks with Adic

Korea Development Bank (KDB) yesterday said it is in early talks with Abu Dhabi Investment Company (Adic) on cross-holding agreements, as part of broader discussions over increased ties between South Korea and the agency.

"That could be possible with Abu Dhabi Investment authorities as well as KDB," KDB Chief Executive Min Euoo-sung said when asked about potential cross stakes between the two financial firms. "Discussion are ongoing. It is too early to tell about the specific size of investment," he said.

South Korea is looking to the Middle East for a new source of investment as advanced economies struggle with recession.