It was formally announced yesterday that Citigroup had won control of Carlyle and JPMorgan Corsair's stake in KorAm Bank. The world's biggest and most profitable bank fought off competition from existing shareholder, Standard Chartered and Singapore's Temasek to win the bidding.
The deal is conditional, however, on Citigroup winning a tender off to gain control of 80% of the bank and thus force a delisting and rename the bank, Citigroup Korea.
The US bank's desire to rename the bank is natural enough given it was originally owned and founded by its nearest US rival, Bank of America.
The tender offer will not close for two-and-a-half months. If...