ANZ’s Chances Of Acquiring KEB Stake Improve

Post by NeilMc on June 18, 2010 · Under Business News, Company News, International Business News, Mergers & Acquistions, banking · Comment

Australian banking major ANZ, which has grand ambitions of Asian expansion has seen the chances of it acquiring a controlling stake in Korea Exchange Bank rise sharply, after KEB said the Australian banks was a strong partner for buyout candidate.

US private equity firm Lone Star funds is selling a stake worth as much as US$4.1 billion and it is understood that ANZ is the front runner in acquiring the stake.

Larry Klane, chief executive of KEB said an ANZ acquisition of the lender would fit well with its stated ambition of becoming a super-regional lender.

“ANZ is a fine institution based in Australia but with a growing pan-Asian footprint and aspiration, and I think it’s in that context that they might find our franchise would fit in very nicely,” Mr Klane told CNBC.

“I’m not in a position to be commenting too particularly on individual participants and how they’re playing or not playing in this particular process.”

ANZ may face stiff competition for the stake, most notably from Japanese securities firm Nomura which has also expressed interest.

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