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HSBC and Standard Chartered vie for stake in Korean bank

HSBC and Standard Chartered vie for stake in Korean bank

(18th November 2003 – South Korea) HSBC and Standard Chartered are reportedly the keenest of four banks to bid for a 36.6 percent stake in South Korea’s Koram Bank. Singaporean state-owned investment agency Temasek and Citibank are also in the running but have been less aggressive in their efforts to secure a stake of Koram.

Standard Chartered, which already holds a 9.8 percent stake in Koram making it the second largest shareholder, has put the most favourable bid on the table. HSBC is targeting a 50 percent stake in the bank.

JP Morgan and US equity fund Carlyle currently hold a combined 36.6 percent stake in the South Korean bank.

Earlier this month, HSBC continued its rapid rate of expansion by snapping up Bank of Bermuda for US$1.3 billion.

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