S Korea in talks with foreign banks

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SOUTH KOREA - The National Pension Service, the world's fifth largest pension fund with US$200bn in assets, has said it is in talks with a couple of foreign banks over stake purchases and will also buy as much as 9trn Korean Won (KRW) ($8.9bn) of South Korean stocks this year, amid the pressure to boost returns by expanding investments overseas and diversifying its current asset allocation from the existing overweight to bonds.

Park Hae-choon, the new president of the state-run NPS, who took office in June, reportedly said the financial collapse of many Western banks driven by the credit crunch had provided a "good enviro...

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