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Article: Financial Giant HSBC Gets Controlling Stake in South Korea's Seoulbank.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- February 23, 1999
- Author:
CopyrightCOPYRIGHT 1999 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Knight Ridder/Tribune Business News
Feb. 22 -- London and Hong Kong-listed financial giant HSBC has won a controlling stake in South Korea's Seoulbank, paying US$700 million (UKpound 424 million) for 70 percent of the recently nationalised bank.
Ahead of HSBC's 1998 results, due today, the banking group announced it had signed a memorandum of understanding with the South Korea government for the sale, which is expected to be completed by the end of May.
The Korean government will retain 30 percent of the bank, which is likely to be renamed HSBC as part of the group's strategy to establish a global brand.
HSBC recently entered retail ...