Australia and New Zealand Banking Group
(ASX:ANZ) has completed due diligence on Korea Exchange Bank, enabling ANZ to decide whether to bid for a majority stake.
According to Reuters, the South Korean media has reported than ANZ is now considering a $4 billion deal that could be announced by October.
Reuters says that Korea Exchange Bank’s 51 per cent stakeholder Lone Star, requested that ANZ conduct due diligence. Lone Star had previously hoped to sell its stake for $6 billion.
While no officials from ANZ, Korea Exchange Bank or Lone Star have commented, Reuters reports that three ANZ officials last month said the bank would decide whether to bid on Korea Exchange Bank in October.
Adding that the potential acquisition would be ANZ’s largest ever acquisition and affirm its expansion into Asia.
ANZ Banking reported a $1.9 billion profit in the six months to 31 March 2010.
