ANZ targets $3.8bln Korea Exchange Bank stake

ANZ wants to acquire 57.27% while MBK is still trying to bid for 51% of KEB.

Australia and New Zealand Banking Group Ltd. said Monday it has started due diligence on a majority stake in Korea Exchange Bank, worth $3.8 billion on current market values, in a move that could result in the long-awaited reshaping of South Korea's financial landscape.

ANZ Bank said in a statement that it is "participating in a due diligence process" for a 57.27% stake in the South Korean bank.

Private equity fund Lone Star has said it wants to sell its 51.02% stake in KEB. The Export-Import Bank of Korea, which has a 6.25% stake in KEB, has tag-along rights allowing it to sell its shares to the buyer of Lone Star's stake.

"We haven't put the shares up for sale," an official at The Export-Import Bank said. "We haven't gotten anything from (ANZ); we'll make a decision if an offer is

View the full story in the Wall Street Journal.