HSBC Korea Head Says No Plans For Acquisition Now
October 07 2009 - 2:10AM
Dow Jones News
HSBC Holdings PLC (HBC) isn't looking for an acquisition in
South Korea as of now, the head of its local unit, HSBC Korea, said
Wednesday.
"At the moment, there are no plans for an acquisition (in
Korea)," Matthew Deakin told reporters.
He also brushed off the possibility of acquiring Prudential
Investment & Securities Co. Ltd.
Prudential Financial Inc. (PRU) said earlier this week that it
will look into a possible sale of either Prudential Investment
Securities or Prudential Asset Management Co. Ltd., or both.
In 2007, HSBC reached an agreement to buy Korea Exchange Bank
(004940.SE) from Dallas-based private equity company Lone Star
Funds for around $6 billion, but scrapped the deal last year amid
turmoil in the global financial market.
-By Jin-Young Yook, Dow Jones Newswires; 822-2198-2230;
jin-young.yook@dowjones.com