KB Financial, the listed South Korean financial firm, is unlikely to submit a preliminary proposal to acquire Lone Star’s 51% stake in lender Korea Exchange Bank, reported Edaily.
The report cited an unnamed insider at KB as saying that the company, currently undergoing a management shakeup, is yet to appoint someone with authority to take a call in such a sensitive matter. (A situation that was speculated previously here).
However, the report added, citing the same source, the situation could change if the sale process gets prolonged, and KB is able to appoint a president by that time.
As reported earlier, Credit Suisse, which is handling the sale for Lone Star, had mailed teaser letters to potential buyers, including KB Financial.
(Source: Edaily)
No related posts.
