HSBC gives up chase for KEB

HSBCÆs dream of a leap forward in KoreaÆs banking market is dashed by a failure to renegotiate terms with Lone Star.

After a year of enduring regulatory obstacles and political controversy, HSBC said late Thursday that it has finally given up its attempt to buy Korea Exchange Bank KEB. The UK-headquartered bank announced that it had failed to reach an agreement with US private equity firm Lone Star on the purchase of the latter's 51% stake ôon a basis acceptable to HSBCö.

HSBC is exercising its right to end the purchase agreement reached between its subsidiary, HSBC Asia,...

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