Nov. 2 (Bloomberg) -- KDB Financial Group Inc., parent to South Korea’s largest state lender, is looking closely at several Asian countries for acquisitions to expand funding sources, Chairman Min Euoo Sung said.

“We are focusing on two to three countries,” said Min, who is also chief executive officer of the Korea Development Bank unit. “They would be places where we could expand together with other businesses of our country.”

Min, 55, who told reporters in Seoul today he may also seek takeovers at home, said acquisitions abroad would help the group secure funding in currencies other than the Korean won. He declined to identify potential targets or countries.

KDB Financial was set up last week as a parent company for Korea Development Bank and four other units as part of the government’s plan to sell its 100 percent stake in the group. A plan approved by parliament calls for an unspecified amount of shares in KDB Financial to be sold no later than May 2014.

Korea Development Bank, the main creditor to GM Daewoo Auto & Technology Co., is willing to talk with the automaker’s parent, General Motors Co., about more support for the company, Min said.

Incheon, South Korea-based GM Daewoo doesn’t need extra cash support for now, Nick Reilly, head of GM’s international operations and a former chief executive officer of the Korean subsidiary, said Oct. 28. GM bought 491.2 billion won ($410 million) of new shares in the subsidiary last month to help ease a cash shortage at the unlisted company.

“This is not an issue to be concluded through short-term discussions,” Min said today. “If GM wants to discuss further aid that would help GM Daewoo’s long-term growth and competitiveness, Korea Development Bank is always open.”

To contact the reporter on this story: Bomi Lim in Seoul at blim30@bloomberg.net

Last Updated: November 2, 2009 00:00 EST