This Month: Main News - Shinhan Signals Intent To Kookmin With LG Card Bid.(Brief article)

Banker, The,  September, 2006  

Tags: LG Electronics Inc.

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Growing competition in South Korea, Asia's third largest economy, is pushing banking consolidation, creating business opportunities and threatening the leader's position.

Shinhan Financial Group has announced its bid for LG Card, the country's second credit card issuer. The deal is expected to be the biggest ever South Korean takeover and will allow Shinhan to compete with the country's leader, Kookmin Bank.

Shinhan, which already owns more than 7% of LG Card, offered Won68,000 ($71.5) per share for an 85.7% stake in the company. If it receives all regulatory approvals, the deal ...

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