ANZ targets $3.8bln Korea Exchange Bank stake

ANZ wants to acquire 57.27% while MBK is still trying to bid for 51% of KEB.

Australia and New Zealand Banking Group Ltd. said Monday it has started due diligence on a majority stake in Korea Exchange Bank, worth $3.8 billion on current market values, in a move that could result in the long-awaited reshaping of South Korea's financial landscape.

ANZ Bank said in a statement that it is "participating in a due diligence process" for a 57.27% stake in the South Korean bank.

Private equity fund Lone Star has said it wants to sell its 51.02% stake in KEB. The Export-Import Bank of Korea, which has a 6.25% stake in KEB, has tag-along rights allowing it to sell its shares to the buyer of Lone Star's stake.

"We haven't put the shares up for sale," an official at The Export-Import Bank said. "We haven't gotten anything from (ANZ); we'll make a decision if an offer is

View the full story in the Wall Street Journal.

Follow the link for more news on

Also Read

Cambodia enables QR payments from foreign e-wallets through Alipay+

Hong Kong to rename ‘virtual banks’ to ‘digital banks’

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit