The ANZ Group, Australian parent of New Zealand’s ANZ and National Banks, says it’s conducting due diligence on a 57.27% stake in the Korea Exchange Bank (KEB) that’s valued at about A$4 billion to A$5 billion.
The KEB stakes on the block include a 51% stake owned by US private equity firm Lone Star Funds with the balance stemming from a stake held by Korea Export Import Bank.
The move comes as ANZ chief executive Mike Smith, a former HSBC executive, eyes increased earnings from Asia as he looks to lift that region's contribution to group profit from the current 12% to 20% by 2012.
“ANZ’s participation in the KEB sale process is part of a continuing examination of potential strategic growth opportunities,” ANZ said.
“ANZ would only proceed with a transaction if it satisfied ANZ’s disciplined criteria including an anticipation of shareholder value accretion within the short to medium term.”
The bank said the ultimate outcome of the KEB sale process was subject to considerable uncertainty and it wouldn’t comment further at this stage.
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