Rubbishing reports that appeared in the Seoul Economic Daily, Australia & New Zealand Banking Group Ltd (ANZ) has said that it will continue with its process of due diligence of Korea Exchange Bank (KEB). The news report had said that ANZ is going to stop the process.
In an email reply, Paul Edwards, spokesman of the Australian bank said there has been no such development from the bank and that the process of due diligence will continue.
As per host, the process already got over on September 17 and at the end of this, it will be going ahead with the possible bid for the Seoul based exchange. The information was given by a source who did not wish to be named.
As of now, ANZ will soon start its price talks with Lone Star Funds. This is the fund that is selling off its 51 per cent stake in KEB.
While it is not clear the kind of money that is involved in the process, it is expected that it would be closer to 3 trillion won. Experts believe that the stakes are worth 5 trillion won.
