ANZ says it didn’t bid for KEB stake

Lender belied reports saying lender joined StanChart in bidding for Lone Star's 51% KEB stake.

Australia and New Zealand Banking Group Ltd. on Thursday dismissed a report that it has lodged a bid for Lone Star Funds' majority stake in Korea Exchange Bank.

"While ANZ is always looking at opportunities that further our strategy in Asia, speculation that we have made a bid for a stake in KEB is not accurate," a spokesman for Melbourne-based ANZ said.

Earlier Thursday, the Seoul Economic Daily reported that ANZ and Standard Chartered Plc have each bid less than KRW4 trillion (US$3.3 billion) for U.S.-based Lone Star' 51% KEB stake.

The report said Lone Star wants to get more than KRW6 trillion (US$4.96 billion) for its stake in KEB.

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