ANZ bows out of KEB bid after Hana emerges

SYDNEY (BestGrowthStock) – Australia and New Zealand Banking Group (ANZ.AX: ) has bowed out of the race to buy control of Korea Exchange Bank (004940.KS: ) after a $4.1 billion competing bid from Korea’s Hana Financial (086790.KS: ).

ANZ, which has been in due diligence since mid-August, said its evaluation of Korea’s fifth largest bank did not support making a competing offer at the level announced by Hana.

It said KEB was attractive and would represent a logical fit for its plan to turn a top Asian regional bank.

(Reporting by Narayanan Somasundaram; Editing by Balazs Koranyi)

ANZ bows out of KEB bid after Hana emerges