Standard Chartered has emerged as the front-runner to buy Korea First Bank after offering higher prices than rival HSBC Holdings Plc, according to published reports.
Newbridge Capital, the single largest shareholder of the South Korean bank with a 48.56 percent stake, tentatively agreed to sell its stake in the bank to the British headquartered Standard Chartered, Dow Jones reported, citing an unnamed senior government official.
Standard Chartered has offered at least $3.3 billion, or 16,800 won ($16) a share, to buy Korea First Bank, the Maeil Business Newspaper reported, according to Dow Jones report. The offer was about 70 billion won higher than HSBC’s offer, the report added.
For this complete story, please visit Standard Chartered Eyes $3.3 billion Korea First Deal.
