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HSBC Shops for Controlling Stake in KEB

Bank looks to strengthen presence in Korean economy

By Sam Gale Rosen, Newser Staff

Posted Aug 20, 2007 3:29 PM CDT

(Newser) – HSBC is in talks to buy a controlling stake in Korea Exchange Bank from the U.S. private equity group Lone Star. A local newspaper has reported that the deal would be worth $4.5 billion. HSBC wants to strengthen its presence in the Korean economy, and Lone Star has been looking to unload its share for years.

Lone Star's planned sale of KEB to the Kookmin bank fell through last year over allegations of wrongdoing at the time of the original acquisition. The purchase would help HBSC to compete with other large banks in South Korea. "HSBC’s operations have stalled in Korea, compared with other foreign rivals,” says an analyst.

The HSBC building is seen in the docklands, London, Monday July 30, 2007. HSBC Holdings PLC, HSBC Holdings PLC, Europe's largest bank by market value, reported Monday that its first-half earnings rose... (Associated Press)

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HSBC Shops for Controlling Stake in KEB

Bank looks to strengthen presence in Korean economy

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HSBC Shops for Controlling Stake in KEB

Bank looks to strengthen presence in Korean economy

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OTHER STORIES ON OUR RADAR

bank • acquisition • US economy • HSBC • Korea Exchange Bank • Lone Star • Kookmin

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Markets Dive as HSBC Shuts US Business, Axes 6,100

Banking giant sells record $17.8B in new stock

Shoppers Go Whole Hog for Piggy Banks

Newly frugal consumers use little pink pals to help save

UK Banks 'Milk Borrowers' to Pay for Credit Crunch

Banks hike mortgage payments despite interest rate cuts

CEO Passes Reins at Wells Fargo

Successor will continue bank's strategy

Hot LBO Market Takes Hit

As big-time deals struggle to manage debt, beware the Trojan piggy bank

About Us

Site

Newser By Users

Community

Site Maps

Tools

More News

What is Newser?