KDB Financial Group has expressed plans to purchase several Southeast Asian banks over the next months, including the Lone Star Funds-controlled Korea Exchange Bank, JoongAng Daily reports.

Speaking to a group of media men Friday (20 November), KDB chairman Min Euoo-sung reportedly said that the local banking industry is expecting major changes in 2010 and that the state financial holding firm is interested in both domestic and international opportunities, including KEB.

Mr Min also reportedly added that they are currently looking at two or three Asian countries from which acquisitions will be made in order to expand funding sources.

In a separate news item by Bloomberg, Mr Min was also quoted to have mentioned plans of a New York listing in 2012, adding that "It's a goal that can be easily reached for KDB."

As the Korean government reduces its control of the entity, KDB Financial is reportedly moving to become one of the top five lenders in Asia within five years. No definite plans have been revealed to-date, but Mr Min noted that discussions with regulatory authorities are ongoing.

KDB Financial was established in October this year to serve as a holding unit for 5 entities, including Korea Development Bank. This is in preparation for South Korean president Lee Myung Bak's initiative to privatise the country's financial services sector and make it more globally competitive.