HSBC says still in talks with Lone Star to acquire 51 pct of Korea Exchange Bank
04 Aug 2008
Xinhua Newsfeed
HONG KONG (XFN-ASIA) - HSBC said it and US private equity firm Lone Star continue to discuss ways to proceed with HSBC's proposed acquisition of Lone Star's 51.02 pct stake in Korea Exchange Bank.
HSBC said the Korean Financial Services Commission still had not given its approval to the transaction as of last Friday. A proposal for the deal was submitted to the Korean regulators in December last year.
HSBC said that since July 31, its preliminary purchase agreement with Lone Star may be terminated at any time by either party.
"HSBC Asia and Lone Star are discussing how this transaction may be taken forward," it said.
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