In a deal that signals a booming start to the MA year, Standard Chartered has signed a sales and purchase agreement to buy Korea First Bank KFB.
The deal follows Citibank's acquisition of Koram Bank, which recently won FinanceAsia's Deal of the Year, and offers a second vote of confidence by a major multinational bank in the potential for the Korean economy.
StanChart will pay $3.3 billion to buy the bank from Newbridge Capital, the KDIC and the Korean MOFE, which together hold 100% of the bank. It is an all-cash deal and as a result StanChart will issue new...
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