SEOUL: Goldman Sachs Group Inc, the third largest US securities firm by capital, sold US$465mil of shares in Kookmin Bank, almost double the price it paid four years ago to invest in South Korea's biggest lender.
Goldman's Asia private equity fund, run by Henry Cornell, sold 13 million American depositary receipts in Kookmin for US$35.78 each, cutting its stake to 1.17% from 5.13%, said Edward Naylor, the company's Hong Kong spokesman. The fund pools money from Goldman, its employees and clients.