The sale of the 51% stake to HSBC, which will cost the group $4.5 billion, would significantly boost the bank’s presence in the South Korean market, where it currently has a weak physical presence, according to an analyst at BOC International cited by Reuters.
Discussions of the possible stake sale have continued despite Lone Star being engaged in a legal dispute, which claims that the investment group bought the stake in Korean Exchange Bank (KEB) at a price which did not reflect the value of the banking group, the BBC revealed.
According to Reuters, HSBC has attempted to expand its presence in South Korea numerous times. If the acquisition is successful, the publication revealed, HSBC intends to maintain KEB’s name and listing status.
