ANZ Banking Group Ltd
(ASX:ANZ) has missed out in a battle for Korea Exchange Bank.
Reuters has reported that Hana Financial Group will acquire a 51 per cent stake in the Korean bank for around $4 billion.
Hana’s board approved the purchase yesterday morning and the company’s chairman Kim Seung Yu is due to sign an agreement with US private equity firm Lone Star in London later this week.
The Korea Exchange Bank acquisition has dealt a blow to rival suitor ANZ, who has no plans to outbid Hana.
For the year ended 30 September 2010, ANZ booked a net profit of $4.5 billion.
