KDB Launches Due Diligence on GM Korea

Write : 2018-03-14 18:07:38 Update : 2018-03-14 18:42:03

KDB Launches Due Diligence on GM Korea

The Korea Development Bank(KDB) has begun due diligence on General Motors(GM) Korea to decide whether to provide financial support to the company.

KDB said on Wednesday that the review will be conducted for two months. 

The U.S. automaker requested the South Korean state-funded bank provide loans for GM Korea in case it needs extra support during the period. The bank said it was willing to help if the company sincerely gives its cooperation.

KDB aims to focus on five key factors that affect the automaker's production costs, which include component costs, labor expenses, technological license fees, management costs and high interest rates.

GM's local unit announced last month it will shut down one of its four plants in South Korea by May.

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