KEB union to back ANZ bid with conditions

Prefers financial services provider as major shareholder if firm can keep KEB’s identity and job security.

The union of the Korea Exchange Bank (KEB) would welcome Australian & New Zealand Banking Group’s (ANZ) acquisition of the nation’s fifth largest lender, as long as it keeps their bank’s name and forces no layoffs.

“We definitely prefer a financial services provider to a private equity company as a major shareholder, if the firm can keep KEB’s identity and protect job security for the employees,’’ the KEB union leader Kim Kwi-chul said.

Kim said that his union is planning to send its four conditions to ANZ for its endorsement of the KEB bid.

“The other two conditions are that ANZ keep KEB listed on the Korea Exchange and pursue an expansion of domestic and overseas branches,” the KEB union leader said.

The four conditions presented to ANZ or any other banking group as the new KEB owner are the same it offered HSBC, when the British banking giant was interested in taking over.

ANZ has been conducting a due diligence on KEB since Aug. 31.

View the full story in The Korea Times.