HSBC says in talk to buy South Korea's KEB

HSBC Holdings Plc (HSBA.L) said on Monday it was in talks to buy a majority stake in Korea Exchange Bank (KEB) (004940.KS), valued at $4.5 billion and held by Lone Star, sending shares of Korea's fifth-largest lender higher.

The sale process has dragged on amid a protracted legal dispute between Dallas-based private equity fund Lone Star, which holds 51 percent of KEB, and South Korean authorities.

The legal disputes forced Lone Star to cancel a $7.3 billion deal last year to sell KEB to Kookmin Bank (060000.KS), South Korea's top lender.

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- Posted: 2007-08-20 08:33:08

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