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,...

To continue reading, please login or register for free

Click for more on: hsbc | lone star | keb | fsc | financiera independencia | flockhart

Print Edition

FinanceAsia Print Edition