ANZ battles for Korean bank
(27 July 2010−Asia) Australia and New Zealand Banking Group is reportedly planning to compete against MBK Partners for Lone Star Fund’s 51 percent stake in the Korea Exchange Bank.
Dow Jones has reported that ANZ has emerged as a late bidder for the stake valued at KRW4.13 trillion (A$3.86 billion).
MBK Partners will be submitting their bid as part of a consortium, however the other bidders are unknown at this stage.
ANZ has publicly acknowledged its interest in KEB, whose chief executive officer, Larry Klane, said last month that ANZ would find KEB a suitable fit for its pan-Asian strategy.
ANZ is a fine institution based in Australia but with a growing pan-Asian footprint and aspiration, and I think it's in that context that they might find the franchise would fit in very nicely, Mr Klane told CNBC.
However added that he was not in a position to be commenting too particularly on individual participants and how they're playing or not playing in this particular process.
Bids for the stake were originally to be submitted this week.
A spokesperson for ANZ said that there had been a lot of speculation on this matter, most of it inaccurate.
However, the bank does not comment on market speculation, ANZ’s spokesperson added.
A KEB spokesman who declined to be named said the sale process was being conducted by Lone Star and the bank could not answer queries about the process.
MBK is being advised by Nomura Holdings, while Credit Suisse is advising Lone Star on the sale.
MBK Partners will be submitting their bid as part of a consortium, however the other bidders are unknown at this stage.
ANZ has publicly acknowledged its interest in KEB, whose chief executive officer, Larry Klane, said last month that ANZ would find KEB a suitable fit for its pan-Asian strategy.
ANZ is a fine institution based in Australia but with a growing pan-Asian footprint and aspiration, and I think it's in that context that they might find the franchise would fit in very nicely, Mr Klane told CNBC.
However added that he was not in a position to be commenting too particularly on individual participants and how they're playing or not playing in this particular process.
Bids for the stake were originally to be submitted this week.
A spokesperson for ANZ said that there had been a lot of speculation on this matter, most of it inaccurate.
However, the bank does not comment on market speculation, ANZ’s spokesperson added.
A KEB spokesman who declined to be named said the sale process was being conducted by Lone Star and the bank could not answer queries about the process.
MBK is being advised by Nomura Holdings, while Credit Suisse is advising Lone Star on the sale.
Subscribe