South Korea to raise up to $2 bln for US debt

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Korea Asset Management Corp (KAMCO) will raise up to 2 trillion won ($1.98 billion) to buy US non-performing loans with Shinhan Bank and Mirae Asset Securities.

KAMCO, a government debt clearer, is also in talks with Merrill Lynch on the fund, and domestic brokerage Woori Investment & Securities has also expressed interest in participating, the Korea Economic Daily quoted industry sources as saying.

In March, KAMCO chairman Lee Chol-Hwi told Reuters that KAMCO was in the process of raising about $1 billion to buy distressed mortgage assets from US banks and expected double-digit returns from its investments.

But the Korea Economic Daily said KAMCO was seeking to expand the fund to up to 2 trillion won considering market conditions.

KAMCO officials were not available for comment on the report. (Reuters)

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