ANZ to make offer for Korea Exchange
By Rhee So-eui |
April 22, 2010, Thursday
|
Print Edition
Print Edition
AUSTRALIA and New Zealand Banking Group is preparing to make a bid for Lone Star's US$4 billion controlling stake in Korea Exchange Bank, two sources said yesterday, as Australia's No.4 lender looks for major deals in its bid to expand.
ANZ is an unexpected contender for South Korea's sixth-biggest lender, which United States private equity fund Lone Star bought in 2003 and is seeking to sell after years of delays due to legal debates.
With its sound balance sheet and ambition to grow, ANZ could make a strong bidder for KEB, in what would be South Korea's biggest banking deal to date, and one which would give a foreign buyer a sizeable foothold in Asia's No.4 economy.
"It's the cheapest market for banking still in Asia," said RBS analyst John Buonaccorsi.
"Multiples across the market in Korea are quite low, certainly compared to most of the southeast Asian markets which have recovered quite strongly in the last 12 or 18 months. That's probably the attraction," he said.
ANZ is an unexpected contender for South Korea's sixth-biggest lender, which United States private equity fund Lone Star bought in 2003 and is seeking to sell after years of delays due to legal debates.
With its sound balance sheet and ambition to grow, ANZ could make a strong bidder for KEB, in what would be South Korea's biggest banking deal to date, and one which would give a foreign buyer a sizeable foothold in Asia's No.4 economy.
"It's the cheapest market for banking still in Asia," said RBS analyst John Buonaccorsi.
"Multiples across the market in Korea are quite low, certainly compared to most of the southeast Asian markets which have recovered quite strongly in the last 12 or 18 months. That's probably the attraction," he said.
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