HSBC 'Can't Wait Forever' For KEB

May 2008 | M&A Analysis

UK bank HSBC hinted on May 26 that it is prepared to walk away from its US$6.2bn planned takeover of US private equity fund Lone Star's 51% stake in Korea Exchange Bank if the deal does not gain approval from South Korea's Financial Services Commission (FSC) in the coming weeks. The deal, which has been in the works since September 2007, has been delayed by the FSC due to litigation involving Lone Star and KEB. It now looks as though HSBC will not extend the agreement again after its June 30 deadline. HSBC Korea CEO Simon Cooper stated that 'the

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