Hong Kong Shanghai Courting Korea First Bank

HSBC (Hong Kong Shanghai Banking Corporation) is forecasted to acquire Korea First Bank.
An informed source at Korea First Bank said on December 24, ' HSBC is finally negotiating with the government surrounding the acquisition of Korea First Bank and will be able to exchange a memorandum of understanding (MOU) at the earliest by the 26th.'
Regarding the matter, a government source commented, ' HSBC will submit concrete conditions for acquisition on the 26th. But if the conditions have too many gaps than what the government desires, the negotiations will be nullified.'
It is acknowledged that HSBC wants to acquire about 80 percent of Korea First Bank's equities and have the government retain the other 20 percent and dissolve all equities held by small stockholders.