Banking giant HSBC is considering making a GBP10 billion bid for South Korean credit card provider LG.
LG’s card business is being sold by the South Korean government, its majority shareholder, and the Korea Development Bank which has a large stake in the company. Investment banking firm JP Morgan has been drafted to find a buyer.
HSBC has already had a prior bid for the company rejected, and would see the acquisition as an ideal way to expand its existing Korean interests. However, it will not be the only interested party, Citigroup and Newbridge Capital are also reported to be monitoring the situation.