Korea Development Bank (KDB) is moving forward with plans to privatise South Korean shipping giant HMM.

The Seoul-headquartered bank is reported to have confirmed plans to convert HMM convertible bonds worth KRW 300bn ($263.7m) into stocks.

This will give the KDB a 24.99% stake in the company.

It will carry out a comprehensive review the details over the sale of HMM with relevant authorities, KDB chairman Lee Dong-gull told The Korea Times.

"The sale of HMM should be carried out in stages after taking various factors into account, so we are going to take more time and conduct reviews," Lee said.