According to The Edge Daily, banking giant HSBC has emerged as a potential bidder for a 67% stake in the Japanese financial services provider Tokyo Star Bank.
The sale from Dallas-based private equity fund Lone Star comes as the group fights off stock manipulation charges in a South Korean court, and is reportedly accelerating plans to sell its controlling stake in the Japanese lender, according to the Times Online.
Citing the Financial Times as a source, The Edge Daily reported that HSBC recently revealed plans to expand into the retail business in Japan but has yet to receive approval for the anticipated expansion. Thus, the acquisition of an already established retail bank in the country could bode well for the group and provide an easier route into the market.
Other potential bidders include Ripplewood and Texas Pacific, reported Hemscott.