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Biz News Korea(Eng)
Korea’s Shinhan Bank sole bidder for 20% in Filipino lender EastWest Bank
- Collected
- 2017.08.26
- Distributed
- 2017.08.29
- Source
- Go Direct
According to finance industry sources on Friday, Shinhan Bank submitted a bid in the auction for a 20 percent stake in EastWest Bank. The bank’s board of directors approved the lender’s plan on the stake purchase on Wednesday.
EastWest Bank is a subsidiary of Filinvest Group, one of the Philippines’ largest conglomerates owned by tycoon Andrew Gotianun. It is the Southeast Asian country’s 13th largest company based on asset size and provides corporate and retail lending service from 446 branches across the country.
Korea’s other leading commercial lender KB Kookmin Bank also had participated in the preliminary auction and was included in the shortlist together with Shinhan Bank but decided to drop out of the race. Another contender Aozora Bank, medium-sized lender of Japan, also gave up its bid and left Shinhan Bank as a sole bidder.
KB Kookmin Bank reportedly dug out after the bid price jumped upon Shinhan’s joining. Shinhan is estimated to have offered 300 billion won ($265.8 million).
By Kim Tae-sung and Park Yoon-ye
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]