KB FinancialGroup Inc. said April 12 that its board approved the proposedacquisition of acontrolling stake in HyundaiSecurities Co. Ltd.

Under the deal, KB Financial will acquire a 22.56% stake inthe brokerage house for 1.250 trillion won.

KB Financial said the deal is expected to complete by May 31and final price for the stake could be changed. The announcementcame after the company was picked as the sole preferred bidder to proceed with thestake acquisition.

As of April 11, US$1was equivalent to 1,144.00 South Korean won.