ANZ keen on KEB
(22 April 2010 – Asia) Australia and New Zealand Banking Group is reportedly interested in Lone Star Fund’s 51 percent controlling stake in the Korea Exchange Bank, according to a source with knowledge on the deal.
The global investment firm confirmed in March that it had hired Credit Suisse to oversee the sale if its 51 percent holding in Korea’s 6th largest lender, which is currently valued at US$3.9 billion (A$4.1 billion).
The firm stated that it expected potential buyers to include Korean, non-Korean, strategic and financial investors, adding that there could be no assurance that this process will result in a sale of the shares.
A person, who refused to be identified, said that the process with ANZ is at a ‘very preliminary stage’.
When approached by The Australian for a comment, an ANZ spokesperson said that the bank is always looking at opportunities to develop its presence in Asia.
The firm stated that it expected potential buyers to include Korean, non-Korean, strategic and financial investors, adding that there could be no assurance that this process will result in a sale of the shares.
A person, who refused to be identified, said that the process with ANZ is at a ‘very preliminary stage’.
When approached by The Australian for a comment, an ANZ spokesperson said that the bank is always looking at opportunities to develop its presence in Asia.
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