Neither public opinion nor a local bias will affect Lone Star’s sale of their 51% stake in Korea Exchange Bank, according to Korea’s Financial Services Commission.
FSC: “Public Hostility Not to Affect KEB Sale”
“Public opinion is not an issue in the consideration of this process,”asserted Kwon Hyouk-se, Vice Chairman of South Korea’s Financial Services Commission(FSC) concerning the possible sale of Korea Exchange Bank (KEB) by U.S. Lone Star.
During an interview with the Financial Times(FT) on Monday, a question was raised Kwon whether the hostile public sentiment against the foreigner’s takeover has been interfering with the selling of KEB.
With regards to the participation of FSC in the selling process, the Vice Chairman stated, “Neither Lone Star nor any other potential purchaser has contacted FSC, and the only role the Commission is to assume is to review the suitability of any buyer after the deal is concluded.”
He added that domestic banks will not (be) preferred over foreign banks, or the foreign discriminated against the domestic during the sales process, for South Korea provides an arena for fair competition.
Meanwhile, Australia and New Zealand Banking Group, British Standard Chartered and HSBC have also shown interest in the takeover of KEB.
For more information on Lone Star’s sale of KEB see all the previous posts here.
(Source: Maeil Business Newspaper)
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