Despite a rival bid from UK-based HSBC for Korea Exchange Bank, local retail bank Kookmin is still hoping to acquire the bank, Reuters has reported.
Reuters cited Kim Ki-hong, Kookmin’s chief vice president, as saying: Judging from the current situation, we think there is still a chance we can buy Korea Exchange Bank (KEB) and are preparing for the possibility.
HSBC Holdings has recently agreed to acquire 51% of KEB from private equity firm Lone Star for $6.3 billion.
The report revealed that the agreement took place almost a year after the private equity firm scrapped a $7.3 billion deal to sell KEB to Kookmin due to legal disputes in South Korea regarding the legitimacy of Lone Star’s purchase of KEB.