(9 June 2010 – Australia) Australia and New Zealand Banking Group has denied reports of a proposed acquisition of Loan Star Funds 51 percent stake in the Korea Exchange Bank.Loan Star Funds, a US based investment firm, is currently in control of the 51 percent share of the Korea Exchange Bank estimated to be worth A$4.1 billion.
According to Reuters, a South Korean news agency reported that ANZ is in talks to acquire a majority stake in Korea Exchange Bank from Lone Star Funds.
ANZ has now dismissed these claims with a Melbourne spokesman for the bank saying that while ANZ is always looking at opportunities that further its strategy in Asia, speculation that they have made a bid for a stake in KEB is not accurate.
Reportedly, Credit Suisse Group AG is acting as financial advisor to Lone Star in relation to the transaction.