News
RETAIL BANKING | Tony Chua, Korea
view(s)

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.

Do you know more about this story? Contact us anonymously through this link.

Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.

To get a media kit and information on advertising or sponsoring click here.