HSBC linked to Â£1.7bn Korean acquisition
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Banking giant HSBC is moving to expand its presence in Asia through the acquisition of Korea First Bank. It has also been reported that Standard Chartered is competing with its
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HSBC , Europe's biggest bank, said on Monday it expected to remain profitable in Taiwan in 2008, as its acquisition of a local rival will help it access more clients in Asia's third-largest wealth management market.
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Barclays will acquire 1.7 million Goldfish and affinity card accounts with about $4 billion of receivables and take Goldfishâs brand, staff and facilities.
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Global banking giant HSBC said Monday it had agreed to buy a majority stake in South Korea&#39;s Korea Exchange Bank from US private equity fund Lone Star for about 6.3 billion dollars (4.6 billion euros) in cash.
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HSBC Holdings, Europeâs biggest bank, agreed to buy a 51 percent stake in Korea Exchange Bank for $6.3 billion as it attempts to bolster its presence in the fast-growing Asian market. The purchase of the stake from the United States private equity group Lone Star Funds would allow Lone Star, based in Dallas, to exit a controversial investment. HSBC, based in London, said that it did not intend to make an offer for the remainder of the Korean bankâs shares and that the bank would remain listed on the Korea Exchange. The acquisition would catapult HSBC past its foreign rivals Standard Chartered and Citigroup. Both have bested HSBC in the past in purchasing local banks during the post-Asian crisis turmoil. A local court in South Korea has been investigating allegations that Lone Star manipulated the stock price of the Korean bankâs credit card unit in 2003 so that the bank could take it over at a lower price.
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LONDON/SEOUL  - HSBC agreed to buy 51 percent of Korea Exchange Bank from private equity firm Lone Star for $6.3 billion, in a deal that could propel the UK-based bank into the top ranks of Asia's third-largest banking market.
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Business & money: HSBC is in the sights of 'activist investor' Eric Knight. He talks to Ruth Sunderland.
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Asset management firm BlackRock Inc.   said it agreed to acquire the fund of funds business of Quellos  Group LLC for up to $1.7 billion.
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British-based HSBC said Thursday it planned to make its long-awaited entry into Japan&#39;s retail banking sector early next year with a nationwide network of branches targeting wealthy individuals.
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South Korea's National Pension Service is interested in buying a 51 percent stake in Korea Exchange Bank (KEB) from U.S. investment firm Lone Star, the fund's chief investment officer told Reuters on Tuesday.
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The Australia and New Zealand Banking Group hired Michael Smith, head of Asia for HSBC Holdings, as chief executive to drive expansion in Asia, where the bank plans to double investment. Mr. Smith, 50, who worked for HSBC for 29 years, succeeds John McFarlane, who ran the bank for a decade. âIâve watched the Australian banks for a number of years and often wondered why they havenât done more in Asia,â Mr. Smith said in an interview. ââWhen a market like Australia becomes mature, you have to look for opportunities elsewhere and I really do feel there is a significant opportunity in Asia.â.
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HSBC Holdings said Friday it will acquire The Chinese Bank in Taiwan after winning a government auction here, substantially boosting its operations on the island.
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HONG KONG (CBS.MW) -- London-based financial services group HHG surged Friday after agreeing to sell its life insurance and pensions business to private equity investors for 1.025 billion pounds ($1.96 billion) in cash.
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South Korea&#39;s largest credit card firm has averted liquidation following a one trillion won ($960m; Â£499m) bail-out. LG Card had been threatened with collapse because of its huge debts but the firm&#39;s creditors
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Australia's Macquarie Bank  and private equity fund MBK Partners are among bidders for Goldman Sachs' stake in South Korea's No. 2 TV cable operator, a source with knowledge of the deal said on Monday.
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Lone Star Funds, the buyout firm founded by John Grayken, plans to sell a stake in Korea Exchange Bank for as much as $1.1 billion after its move to divest entirely was derailed last year by a legal dispute. Lone Star is offering 73.1 million shares, or 11.3 percent of Korea Exchange, for 13,150 to 13.750 won ($14.19 to $14.84) a share, according to an e-mail message sent to fund managers by the Credit Suisse Group, the investment bank arranging the sale. Shares in Korea Exchange fell 1.7 percent, to 14,600 won, up 14 percent this year. Lone Star, based in Dallas, has struggled for two years to sell the controlling stake it bought in 2003 as Korean prosecutors contend that the firm purchased the shares at an artificially low price. The sale of part of the Seoul-based bank would allow Lone Star to return money to investors while the case is pending and retain a majority stake.
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Lone Star FundsÂ 1.4 trillion won ($1.5 billion) purchase of the Korea Exchange Bank in 2003 was illegal, South Korean prosecutors said, setting up a court case that may cause the sale to be annulled. A former finance ministry official, Byeon Yang-ho, took bribes and conspired with the former president of Korea Exchange, Lee Kang-won, to drive down the sale price by as much as $900 million, the Supreme ProsecutorsÂ Office said. Mr. Byeon denied the accusations. Regulators will determine whether the sale should be voided, said Chae Dong-wook, a prosecutor. Last month Lone Star abandoned the sale of the bank to Kookmin Bank for a profit of about $4 billion because of the investigations. ÂIt is the same old broad conspiracy theory that never made any sense and still is not supported by any hard evidence,Â Lone StarÂs chairman, John Grayken, said in a statement.