Korea Development Bank S-B Registration of securities for foreign governments

Exhibit F

CONSENT OF INDEPENDENT AUDITORS

We consent to the reference to our firm under the caption “Experts” and to the use of our report dated March 29, 2012, in the Registration Statement under Schedule B of the United States Securities Act of 1933 and related Prospectus of The Korea Development Bank dated April 19, 2012.

/s/    ERNST & YOUNG HAN YOUNG

Ernst & Young Han Young

Seoul, Korea

April 19, 2012