ANZ has put on hold its evaluation of Korea Exchange Bank (KEB) following the regulatory filing by South Korea-based Hana Financial Group stating that Hana plans to acquire Lone Star Funds' majority shareholding in KEB.
Recently, Hana Financial Group signed a non-binding memorandum of understanding to acquire a majority stake in Korea Exchange Bank (KEB) from American private equity group Lone Star.
ANZ said that while, it continues to believe that KEB is an attractive institution which would represent a logical fit with ANZ’s regional strategy, its due diligence findings do not support ANZ making a competing offer for the KEB shareholding at the level announced by Hana.
ANZ also said that Korea remains an important market for it and it will continue to focus on organic growth in Asia and to evaluate strategic opportunities as part of its aspiration to build a super regional bank.