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Article: (4th LD) Kookmin Bank to buy Korea Exchange Bank for 6.4 tln won.
- Article from:
- YON - Yonhap News Agency of Korea
- Article date:
- March 23, 2006
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SEOUL, March 23 (Yonhap) -- Kookmin Bank, South Korea's biggest lender, agreed Thursday to buy a controlling stake in Korea Exchange Bank for about 6.4 trillion won (US$6.57 billion), making the deal the largest acquisition in the nation.In the preliminary agreement, Kookmin Bank will purchase a 64.62 percent stake in Korea Exchange Bank from Texas-based private equity fund Lone Star and two other shareholders for 15,400 won a share, or a 20 percent premium on shares of the bank at Wednesday's closing price.The deal, if completed, will create South Korea's largest bank, with assets of 280 trillion won, and one of Asia's top 10 banks by assets. "The price is ...