Standard Chartered in Race to Buy Korea First Bank

Published on:
12 September 2006 at 10:18 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00004366-standard-chartered-in-race-to-buy-korea-f/

Asia-focused Standard Chartered Plc has joined the race to buy Korea First Bank, a source at the Korean bank said on Wednesday, setting the stage for a potential bidding contest with HSBC Holdings Plc.

The bank official, who declined to be identified, told Reuters HSBC was regarded by many at the bank as best placed to win a deal media reports say could be worth $3.3 billion to buy South Korea’s eighth-largest bank.

A growing foreign presence in South Korea’s banking industry is seen as a threat by local banks like Kookmin Bank. They fear the global giants going after a bigger slice of the country’s profitable wealth management business and high-end retail banking sector may offer a superior service.

For this complete story, please visit Standard Chartered in Race to Buy Korea First Bank.

Standard Chartered in Race to Buy Korea First Bank

Unknown Author

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