ANZ considers to bid for controlling stake in KEB

ANZ considers to bid for controlling stake in KEBAustralia & New Zealand Banking Group Ltd. is reportedly planning to make a bid for the controlling stake in Korea Exchange Bank. The stake is being sold by Lone Star Funds. Sources close to the matter said that the preparations for the offer are at an early stage.

The source also revealed that ANZ has not appointed an adviser yet for the deal. Earlier on March 10, Korea Exchange Bank announced that Lone Star Funds expressed interest to sell its 51% stake worth $4.2 billion.

This move of ANZ bank is in line with its strategy of expansion of business in Asia. The bank is focusing more on this bid as Korea is a more developed and robust economy than some in Asia and it could provide some attractive business opportunities.

However, ANZ declined to comment specifically on reports of ANZ Bank's interest in buying stake in KEB.

Kevin Foley, a spokesman for ANZ Bank, further said that the bank is always looking at business opportunities in Asia. Korea Exchange Bank also declined to comment on the matter.