HSBC Gives Up KEB Bid

by Robert Koehler on September 20, 2008

With HSBC giving up its bid to take Korea Exchange Bank off Lone Star’s hands, KB and Hana Bank now look like the most likely suitors.

Poor Lone Star — they just can’t seem to find a way out.

{ 4 comments… read them below or add one }

1 Andrew September 20, 2008 at 12:22 pm: “The government’s legal dispute with Lone Star will end as soon as October or as late as the end of 2008, according to Park.”

Yeah the dispute will end as soon as a Korean company bids for it.
2 eaglenovan September 20, 2008 at 2:40 pm: Isn’t it interesting how Korea protests a foreigner making money, but uses another yard-stick for themselves when making $$$ overseas.
I’m sure the Lone Star debacle has influenced more than a few foreigners NOT to put money into this crazy system. Korans wonder why $$$ is fleeing the country .. duh !
3 eaglenovan September 20, 2008 at 2:45 pm: I’m sure that the Lone Star debacle has influenced more than one big company they just don’t need the hassle of doing business here. Korea has a rule for themselves making $$$ overseas and another set of standards for a foreign company here. Needless to say, guess which are more stringent?

Korea wonders why $$$ is fleeing the country .. could this be one of the many reasons?

I’m thinking that this country is going to get a really big shock very soon. The old Korean work ethic has died, and the younger crowd just seems to want to sit at home and let mommy/daddy pay for things. Mommy & Daddy need a good swift kick in the behind for allowing them to.
4 Wedge September 21, 2008 at 1:58 pm: The KEB workers are the big losers in this. If a local bank buys them out, half of them will lose their jobs and the rest will be shat upon by the victorious union. Once again, Korea shoots itself in the foot.