Kookmin tipped to win Lone Star's KEB stake

Expect Lone Star to sell its stake in KEB to Kookmin - but don't expect everyone to be happy.
March 22, 2006
No bank was going to win the hearts of everyone û but US-based private equity firm Lone Star is set to announce today March 23 its decision to sell itÆs 50.5% stake of Korea Exchange Bank KEB to South KoreaÆs top lender, Kookmin Bank, and that is sure to stir debates in Seoul about monopolies, xenophobia and job protection.

Kookmin Bank, Hana Financial Group and Singapore's DBS Group submitted bids earlier in March to buy a majority stake in KEB, South KoreaÆs fifth-largest bank. Alongside Lone Star's stake, there are tag-along stakes owned by Kexim and Commerzbank and this will mean Kookmin will own 70.87% of KEB. Sources close to the deal...
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