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South Korea's KDB, GM may sign preliminary funding deal by April 27

The US automaker owns 77 percent of GM Korea, while GM's main Chinese partner, SAIC Motor Corp Ltd, controls the remaining 6 percent

S Korea General Motors

Reuters  |  seoul 

Korea Development Bank (KDB) may sign a preliminary agreement by April 27 to financially support General Motors Co's troubled South Korean unit, provided interim due-diligence on the unit is satisfactory, the chairman of the lender said. This is the first time KDB has offered a time-frame for a decision on whether to financially back GM Korea, in which the state-run lender has a 17 percent stake. The bank and government officials have so far been non-committal. GM proposed in February an investment of $2.8 billion into its money-losing South Korean operations over 10 years, ...

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First Published: Wed, April 25 2018. 22:08 IST