Fthr.re Acqn.of Seoul Bank
HSBC HOLDINGS PLC
31 August 1999
SEOUL BANK
On 22 February 1999 a memorandum of understanding was
signed by the Government of Korea and HSBC Holdings plc
(HSBC) with respect to the proposed acquisition of a
controlling interest in Seoul Bank by HSBC.
Subsequently HSBC has undertaken due diligence on Seoul
Bank and there have been detailed and constructive
negotiations regarding the terms of such transaction.
The Government of Korea and HSBC have now mutually agreed
that, in view of the fact that it has not proved possible
to agree terms acceptable to both parties, the
negotiations should be discontinued and that the
transaction should not proceed.
HSBC remains committed to developing its business in
Korea and to its relationships with Korean corporate,
institutional and personal customers worldwide.
The Government of Korea recognises the support that the
HSBC Group has given and continues to give to Korea and
looks forward to strengthening this relationship.
Latest directors dealings
- 1 day ago Savannah Energy
- 1 day ago Buccaneer Energy PLC
- 1 day ago Savannah Energy
- 1 day ago Carclo
- 1 day ago Schroder Japan Growth Fund