HSBC bids for South Korea's FX bank
HSBC put in a $6.3 billion bid for a 51% stake in the Korean dealer last Monday (September 3), after a failed attempt to acquire Korea First Bank in 2005. Then the bank was outbid by Standard Chartered, which paid $3.3 billion for Korea First.
Douglas Flint, finance director at HSBC in London, said the bank hopes to eventually draw on KEB's strong FX operations. "KEB's FX operations fit well with HSBC's FX operations in Asia and they complement our objectives in the region," added an HSBC
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