HSBC Files For Anti-Trust Body Review Of KEB Deal

Source : The Business Times, October 2, 2007>

SEOUL - HSBC has applied for a review of its US$6.3 billion purchase of a stake in Korea Exchange Bank (KEB) to South Korea's anti-trust agency, the country's Fair Trade Commission (FTC) said on Tuesday.

HSBC Holdings had announced in early September that it agreed to buy a 51.02 per cent stake in KEB from private equity firm Lone Star.

HSBC Holdings had announced in early September that it agreed to buy a 51.02 per cent stake in KEB from private equity firm Lone Star, in a deal that could propel the UK-based bank into the top ranks of Asia's third-largest banking market.

'HSBC handed in the application for the merger on Sept 27 directly,' the commission said in a one-page statement.

'The FTC will proceed with the merger review in a prudent manner. It takes normally 30 days but can be extended for additional 90 days if necessary.' -- REUTERS