The Korea Development Bank(KDB) will begin conducting due diligence on General Motors Korea next week to decide whether to provide financial support to the firm.

According to the bank, GM Executive Vice President Barry Engle held talks with KDB Chairman and CEO Lee Dong-gull at KDB headquarters in Seoul on Friday.

A bank official said that due diligence will begin next week as the two sides considerably narrowed their differences on the inspections. 

The official said that talks will continue regarding the remaining differences at a later time.

In the due diligence, KDB will focus on the five key factors that affect the automaker's production costs, which include component costs, labor expenses, technological license fees, head office management costs and high interest rates.

The carmaker announced last month it will shut down one of its four plants in South Korea by May.