By Kim Yon-se, Korea Times
HSBC is poised to take over Korea Exchange Bank (KEB), which is controlled by the Texas-based Lone Star Funds, according to sources.
An HSBC executive said the British-based banking giant is in talks with Lone Star Funds to buy KEB and plans to sign a memorandum of understanding soon.
The official takeover will likely be conducted in November as the lockup period on the shares held by Lone Star in KEB will be lifted on Oct. 31 under contracts made with the Korean government in October 2003.
Sources said the bidding price will be set at about $6-6.5 billion for a 79 percent stake held by three major shareholders, including Lone Star.
For this complete story, please visit HSBC to Take Over Korea Exchange Bank.
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