ANZ bows out of KEB bid
(25 November 2010 – Australia) Australia and New Zealand Banking Group has dropped out of the race for the Korea Exchange Bank (KEB), following a A$4.3 billion bid from Hana Financial.
The bank, which has been conducting due diligence since August, said that its evaluation of the Korea Exchange Bank did not support making a competing bid.
ANZ said KEB was attractive as an acquisition and would represent a logical fit for its plan to turn a top Asian regional bank.
ANZ said KEB was attractive as an acquisition and would represent a logical fit for its plan to turn a top Asian regional bank.
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