World Business Briefing: Britain: HSBC Stake in Korean Bank
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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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HSBC Holdings , Europe's biggest bank, said on Wednesday it will open an insurance business in Taiwan as it aims to tap into the fourth-biggest insurance market in Asia.
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Barclays Bank is selling off its stake in Intelenet Global Services, a business process outsourcing (BPO) services provider that it owns jointly with India's Housing Development Finance Corp. (HDFC).
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Global banking giant HSBC donated 50 million pounds (73.5 million euros, 98.8 million dollars) Wednesday to set up a &quot;green task force&quot; to tackle climate change worldwide.
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South Korean President, Roh Moo Hyun, is due in London, becoming the first South Korean leader to make a state visit to Britain.
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Europe's biggest bank HSBC Holdings  has ousted the head of its North American operations, Bobby Mehta, in the wake of this month's shock profit warning from its troubled U.S. mortgage business.
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HSBC Holdings  posted on Monday a 5 percent rise in 2006 profits, just short of analysts' expectations, as Europe's biggest bank took a $10.6 billion hit for bad debts after problems in its U.S. mortgage lending.
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We're going to begin with some pomp and ceremony in London where President Roh Moo-hyun has made history becoming the first South Korean leader to pay a state visit to Britain.
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South Korea's National Pension Service is interested in buying a majority stake in Korea Exchange Bank (KEB) from Lone Star, but has had no formal talks with the U.S. investment firm, a senior fund executive said.
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Business & money: Stakes raised in battle for control of ABN Amro as Royal Bank of Scotland-led consortium trumps Barclays' offer for Dutch bank.
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Global bank HSBC Holdings  has won a government auction for Taiwan's The Chinese Bank Co Ltd, which had gross assets of approximately US$3.1 billion at September 30, it said in a statement on Friday.
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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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KeyCorp , a large Midwest U.S. bank, on Friday said it agreed to sell its Champion Mortgage subprime lending unit to Britain's HSBC Holdings Plc   and investment firm Fortress Investment Group LLC, so it can focus on consumer and business banking.
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Global banking giant HSBC Holdings said Monday that its net profit rose by 4.7 percent to 8.21 billion pounds in 2006 from a year earlier.
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High-street bank HSBC said Thursday it plans 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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SEOUL: Global banking giant HSBC has agreed to buy Korea First Bank in a deal which will put the British bank in competition with its US rival Citigroup in the world&#39;s 11th largest economy, a source said yesterday.
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HSBC is the first big bank to commit to going carbon neutral as it seeks to reduce its environmental impact. Starting in 2005, it will plant trees, reduce energy use, buy green electricity and trade carbon credits to cut carbon dioxode flows.