KDB Tentatively Picks Citigroup To Manage Daewoo Shipbuilding Sale

South Korea's state-run Korea Development Bank said that it has tentatively selected Citigroup to manage the stake sale of Daewoo Shipbuilding & Marine Engineering Co. KDB and state-run Korea Asset Management Corp. have a combined 50.4% stake in Daewoo Shipbuilding.
KDB had said that it plans to complete the stake sale deal next year.
Earlier this year, KDB ended talks to sell a majority stake in Daewoo Shipbuilding to Hanwha Group due to Hanwha's problems in raising cash for the purchase.