HSBC to consider pulling Korea Exchange Bank bid

HSBC Holdings may abandon its $6.2 billion takeover bid for Korea Exchange Bank, South Korea's fifth-largest bank, unless progress is made before the proposal expires at the end of June, according to a published report Monday.

In assessing its decision, HSBC will look to this week's visit to the U.K by South Korean officials representing the recently elected government of Lee Myung-bak, a person with knowledge of the bank's thinking told the Financial Times.

The delegation includes Jun Kwang Woo, chairman of the Financial Services Commission. The visit is likely to provide clues to the new administration's attitude toward foreign ownership, which could bear on the long-delayed deal, the report said. The South Korean delegation is to meet with U.K. Chancellor of the Exchequer Alistair Darling.

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- Posted: 2008-05-26 08:40:15

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