Norton Rose leads on $6.3bn HSBC Asia deal
Norton Rose has won a leading role on HSBC's acquisition of a controlling stake in Korea Exchange Bank (KEB). The City giant is advising HSBC on its purchase of a 51% stake in the Korean bank, worth around $6.3bn (£3.12bn), in what will be viewed as a key mandate from one of Norton Rose's most important clients.
September 03, 2007 at 12:46 PM
2 minute read
Norton Rose has won a leading role on HSBC's acquisition of a controlling stake in Korea Exchange Bank (KEB).
The City giant is advising HSBC on its purchase of a 51% stake in the Korean bank, worth around $6.3bn (£3.12bn), in what will be viewed as a key mandate from one of Norton Rose's most important clients.
The deal sees Norton Rose field a team from its London, Hong Kong, Frankfurt and Middle Eastern offices to work opposite Linklaters, which is advising the seller, Lone Star Funds.
Hong Kong chief David Stannard is leading the overall Norton Rose team, with corporate partner Richard Crosby leading the team in Hong Kong. Corporate partners Alan Bainbridge and Martin Scott are advising in London.
Linklaters is advising Lone Star, with Hong Kong corporate head Keith Johnson understood to be leading the team.
Linklaters is a regular adviser to Lone Star and last year advised the US buy-out house on its aborted attempt to sell its stake in KEB to local bank Kookmin.
HSBC today (3 September) officially confirmed the deal after several weeks of press speculation. The bank has also committed to pay an additional cash fee of $133m (£66m) if the deal has not completed by 31 January, 2008.
HSBC group chairman Stephen Green said: "[This] would provide HSBC with a significant presence in Asia's third largest economy and reinforce our position as Asia's number one international bank."
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